08 September 2003 06:11
Forex bonds still climbing
MOSCOW. Sept 9 (Interfax) - Quotes for Russian forex bonds continued to climb Monday, although trading was light.
Prices were at month high levels when trading opened (Eurobonds maturing in 2030 topped 93.5% of face value) due to
significant gains for U.S. T-bills in New York Friday amid poor news from the labor market.
The U.S. statistics showed that unemployment dropped to 6.1% in August from 6.2% in July, but the economy lost 93,000
jobs. Analysts had predicted a rise of 20,000 jobs. The job cut was the biggest since March. The news made investors
more worried about the development of the U.S. economy and triggered demand for T-bills.
There was bad news for the U.S. T-bill market on Monday with the announcement that President George Bush plans to
spend an extra $87 billion on Iraq, which will increase the budget deficit further. But this led to only small sales in
Europe and had no impact on the Russian forex market.
The U.S. Treasury plans to offer new five-year bonds on Wednesday, September 10, and 10-year bonds on Thursday.
As of 5:00 p.m., Moscow time, quotes were up 1.3%-1.6% on average for Eurobonds maturing in 2030, 2028 and 2018, and
0.7%-0.8% for 2007 and 2010 bonds. Eurobonds maturing in 2005 edged up just 0.3%.
Quotes went up 0.9%-1.2% for fifth and seventh tranche MinFin bonds, and 0.6%-0.7% on average for sixth and eighth
tranche bonds.
At 5:30 p.m., indicative quotes were at 89.11%/89.39% for MinFin- 5, 96.41%/96.96% for MinFin-6, 76.74%/77.03% for
MinFin-7 and 90.23%/90.79% for MinFin-8. [RU EUROPE EEU EMRG ASIA FRX EUB GVD INSI] me <>
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