Ruble Recaptures Emerging-Market Crown With Yields Near 2013 Low
- Sovereign bonds exorcize ghosts of Crimea invasion, oil slump
- Monetary easing, emerging-market risk appetite boost ruble
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Russia’s ruble is once again the year’s best performer in emerging-markets and benchmark bond yields have dropped to levels not seen since before the annexation of Crimea as a dovish central bank and renewed risk appetite help extend a rally.
The ruble shrugged off sliding oil prices and headed for its best week since March, while the rate on 10-year sovereign bonds, known as OFZs, dropped toward the lowest closing level since 2013. Central Bank Governor Elvira Nabiullina gave fresh impetus to the bond rally last week when she hinted during a rates meeting at deeper-than-expected cuts.