Bad Boy Ruble Turns Star Currency for Fans of Russia Carry Trade

  • Citigroup, Commerzbank recommend trade and go overweight OFZs
  • Russia local currency bonds offer yields second only to Brazil

The recovery in Russian asset prices is rekindling interest in what was the world’s top carry trade strategy in the first half, and Citigroup Inc. and Commerzbank AG say there are more gains to come.

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