Russian Eurobonds surrender early gains on oil price downturn
MOSCOW. Feb 16 (Interfax) - Russian Eurobond prices surrendered their early gains on Tuesday amid a downturn in oil prices that came despite the oil production freeze agreed by Russia, Saudi Arabia, Venezuela and Qatar. The benchmark Russia-30 issue was an exception. US Treasuries were virtually unchanged.
Russia-30 was up 42 basis points from previous closing by 6:15 p.m. Moscow time at 121.34%, yielding 2.59% p.a., down 8 bp from the previous day.
Five-year US Treasuries were unchanged at 100.5%, yielding 1.12% p.a. Spread in yield between Russia-30 and UST5 narrowed 8 bps to 147 bps.
Russia's 2043 bond fell 30 bps to 95.93% with yield at 6.18%, up 2 bps; the 2042 bond was down 3 bps to 94.08%, with yield unchanged at 6.08%; and 2023 was up 5 bps at 101.69%, yielding 4.61%, 1 bp lower.