Russian Eurobonds hit new highs in expectation of key rate cuts by world's central banks
MOSCOW. June 19 (Interfax) - Prices for most Russian Eurobonds continued making gains on Wednesday, hitting new multi-year highs on expectations of monetary easing by the world's central banks, while US Treasuries corrected somewhat, causing sovereign spreads to narrow.
Russia's benchmark 2030 bonds were down 6 basis points from previous closing by 6:15 p.m. Moscow time at 113.02% with yield at 3.11% per annum, 2 bps higher. Three-year US Treasuries were down 6 bps from previous closing at 100.38%, with yield up 3 bps at 1.84%. Spread between Russia-30 and UST3 narrowed 1 bp to 127 bps.
But Russia's 2043 bond was up 15 bps at 120.12% yielding 4.5%, down 1 bp; the 2042 bond was up 21 bps at 115.48%, yielding 4.53%, down 1.5 bps; the 2026 bond was up 14 bps at 106.48% with yield down 2 bps to 3.685%; and the 2023 bond rose 1 bp in price to 106.99% yielding 3.1%, down 0.5 bps.
The 30-year bond maturing in 2047 was up 38 bps to 109.66% with yield down 2.5 bps to 4.63%; and the 10-year bond maturing in 2027 was up 17 bps at 103%, with yield down 2.5 bps at 3.81%.