06 February 2004 05:57
Forex bond prices stable Friday
MOSCOW. Feb 6 (Interfax) - Prices for forex bonds did not change significantly on Friday. The negative trend that
predominated in the first half of the day was reversed by growth at the end of trading.
At the start of trading quotes were significantly lower than on the previous day, when Russian operators left the
market. "But this is largely connected with growth in yields on Treasury bonds in New York on the day before, which
took place in expectation that unemployment figures on Friday would be favorable," Yuliana Unesikhina of
Metallinvestbank said
A significant price drop in the Eurobond sector in Latin America also had a negative influence on the market.
A source in Nikoil said that the main reason behind the drop in U.S. Treasury bills and, as a result, in Russian
government securities, was expectations of an increase in interest rates in the U.S. soon. "On Friday a two-day
meeting of finance ministers and central bank chiefs from the Big-8 will start and it is possible that Europe and Japan
will ask America to support the dollar and increase rates," he said.
Most market participants polled by Interfax said that the news of the explosion on the Moscow metro was not the
reason that quotes for the most liquid Eurobonds were down by 1 percentage point for the previous day in Moscow.
"Market participants accepted it as a fact, there are no uncertainties. If people had been taken hostage, then this
might have caused a decline," Unesikhina said.
At the same time, some market participants believe that the explosion had a negative influence on the pace of trading
on Friday.
However, with the publication of U.S. labor statistics at 16:30, prices increased on the U.S. Treasuries market,
which immediately affected the Russian market, where securities closed slightly up from the start of trading.
By 4:00 p.m. Moscow time, as compared with the Thursday price level at that time, quotations for eurobonds
denominated in U.S. dollars were significantly lower. The largest decline was for the longest Eurobonds, maturing in
2018, 2028 and 2030, which fell by more than 1%. All of the other forex denominated securities fell 0.2%-0.4% on
average.
On the MinFin (OVVZ) bond market, February 6 quotations were also down, by an average of 0.3%-0.7%.
At 5:30 p.m., Moscow time, indicative quotes were at 89.83%/90.43% for MinFin-5, 97.04%/97.59% for MinFin-6,
79.75%/80.94% for MinFin-7 and 93.24%/93.76% for MinFin-8. [RU EUROPE EEU ASIA EMRG GVD INSI EUB] rd <>
[Interfax] |
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