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Russian/CIS bonds: little price action amid US holiday

Yesterday's session in the Russian/CIS bond space (and the whole EM universe) was predictably slow and inactive as the UST market was closed. Hence, Russian high grade bonds ended mostly flat, but we noted some benchmarks looked a bit heavy: in particular, GAZPRU 34 (YTM 6.61%), VTB 35_15 (YTP 1.78%) and ROSNRM 22 (YTM 5.21%) slipped about 25bp in price. In the sub-investment grade space, we still see demand for higher-yielding names like UUUCN 18 (YTM 6.25%), KOKSRU 16 (YTM 10.38%), STPETE 19 (YTM 10.37%) and GUNVOR 18 (YTM 5.66%), which firmed about 25bp in price terms. In the CIS space, sovereign bonds of Ukraine lost 0.50pp in price along the whole curve amid news of escalating unrest.
Maxim Korovin, Anton Nikitin
VTB Capital analyst

CIS, bonds

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