03 June 2004 06:03
Russian eurobond market flat on Thursday
MOSCOW. June 3 (Interfax) - As market watchers had predicted, Russia's forex bond market went unchanged on
Thursday. With trading slow, prices wavered narrowly at levels reached on Wednesday.
Market operators said the market is frozen in anticipation of important macroeconomic news from the U.S. labor market
to be issued on Friday. Predictions are that the figures will show continued improvement with unemployment, but give the
experience of previous months experience, investors worry the numbers will prove more optimistic and spark a short-term
price drop for U.S. T-bills, which would dampen the eurobond markets in emerging-market countries (including
Russia).
Investors' intentions to wait for the release of Friday's numbers
were so strong that the publication at 4:30 p.m. Moscow time of U.S.
economic stats negative for the debt market on Thursday had no
On the other hand, a Metallinvestbank spokesman said that many have sold paper and "are now siting on
'short' positions, and if the figures correspond to predictions, they will start closing them and the market
could either remain where it is or rise."
By 4:00 p.m. Moscow time on Thursday, quotations for eurobond
denominated in dollars were little changed. Most of them were up an
average of 0.1%, except for those maturing in 2010 and 2030, which
significant effect on the U.S. domestic debt market, nor then on Russian eurobond prices.
At 6:00 p.m. Moscow time, figures were published that were good for the market, but they also had no impact on bond
prices.
Dealers predict that Friday will also go without changes until the publication of the key U.S. economic data.
slipped 0.1%.
The OVVZ market also saw growth, averaging 0.1%-0.3%. [RU EUROPE EEU ASIA EMRG GVD INSI EUB] cf
[Interfax] |
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