11 June 2004 05:49
Russian Eurobond trading session shortened Friday
MOSCOW. June 11 (Interfax) - The Russian Eurobond trading session was shortened Friday because markets were closed in
the United States and trading was very light, as it usually is in the absence of New York dealers.
There were a few deals with Russian Eurobonds in the morning, but prices changed little from Thursday's
close.
U.S. markets were closed because of former president Ronald Reagan's funeral, but trading was a little busier
than it usually is on planned U.S. holidays, said Denis Muzychkin of Obibank. "Not everybody took the day off. I
heard that even JP Morgan was quoting today," he said. Nevertheless, by 2:00 p.m., Moscow time, almost all banks
had left the market, removing their quotes.
Russian players will not be participating in the next full trading session on Monday, June 14 because it is a day off
in Russia.
High volatility is likely next week ahead of the release of U.S. inflation data. A Federal Reserve official repeated
Thursday that if inflation climbs the Fed will have to raise interest rates more quickly and more strongly than the
market expects.
There are no factors at the moment able to boost the market, although the successful placement of a new U.S. T-bill
issue (the second this week) could provide for some optimism. This indicates that investors see current yield as
appealing, despite fears over interest rate hikes.
As of 1:00 p.m., compared with 4:00 p.m., Thursday, quotes were up 0.03% for Eurobonds maturing in 2030 and 0.1% for
2010 bonds, but down 0.1% on average for 2018 and 2028 bonds. Eurobonds maturing in 2005 and 2007 were virtually
unchanged.
MinFin bonds were not quoted Friday. [RU ASIA EUROPE EEU EMRG GVD INSI EUB] me
[Interfax] |
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