Country Update
November 20, 2020- Albania
- Angola
- Argentina
- Armenia
- Aruba
- Azerbaijan
- Bahamas
- Bahrain
- Barbados
- Belarus
- Belize
- Bolivia
- Brazil
- Bulgaria
- Cameroon
- Chile
- China
- Colombia
- Costa Rica
- Croatia
- Cyprus
- Czech Republic
- Dominican Republic
- Ecuador
- Egypt
- El Salvador
- Ethiopia
- Gabon
- Georgia
- Ghana
- Grenada
- Guatemala
- Honduras
- Hungary
- India
- Indonesia
- Iraq
- Israel
- Ivory Coast
- Jamaica
- Jordan
- Kazakhstan
- Kenya
- Kuwait
- Latvia
- Lebanon
- Lithuania
- Macedonia
- Malaysia
- Mexico
- Mongolia
- Montenegro
- Morocco
- Mozambique
- Namibia
- Nigeria
- Oman
- Pakistan
- Panama
- Paraguay
- Peru
- Philippines
- Poland
- Qatar
- Romania
- Russia
- Saudi Arabia
- Senegal
- Serbia
- South Africa
- South Korea
- Sri Lanka
- Suriname
- Trinidad And Tobago
- Turkey
- UAE
- Ukraine
- Uruguay
- Venezuela
- Vietnam
- Zambia
- ALL
- SOVEREIGN
- CORPORATE
- ABHFIN
- AKBARS
- ALFARU
- ALRSRU
- AVENRR
- BORFIN
- CHEPRU
- CHMFRU
- CRBKMO
- DELPOR
- EUCHEM
- EVRAZ
- EXELOR
- EXIMRU
- EXPORU
- FINONE
- GAZPRU
- GEOPRO
- GLDPRT
- GLPRLI
- GMKNRM
- GPBRU
- GTLKOA
- HCDNDA
- IMHRUS
- INVFRE
- ITICOM
- LUKOIL
- MAIINT
- METINR
- MOBTEL
- NLMKRU
- NVTKRM
- OPRORU
- PGILLN
- PHORRU
- POGLN
- RCCF
- ROSNRM
- RSHB
- RTMRU
- RUALRU
- RURAIL
- RUSB
- RUSSIA
- SBERRU
- SCFRU
- SIBNEF
- SIBUR
- SOVCOM
- SUDBNK
- TRUBRU
- URKARM
- VEBBNK
- VIP
- VOSTOK
- VTB
- YAMALR
- YNDX
Market Prices
russia sovereign| Security | Bid | Ask | Yield | Spread | PX Change | |
|---|---|---|---|---|---|---|
| RUSSIA 4 1/2 04/04/22 | 104.55 | 105.05 | 0.95 | 72 | +0 | 2022-04-04 |
| RUSSIA 4 1/2 04/04/22 | 104.45 | 104.95 | 1.02 | 79 | +3 | 2022-04-04 |
| RUSSIA 4 7/8 09/16/23 | 109.70 | 110.20 | 1.25 | 97 | +0 | 2023-09-16 |
| RUSSIA 4 7/8 09/16/23 | 109.70 | 110.20 | 1.27 | 99 | +1 | 2023-09-16 |
| RUSSIA 2 7/8 12/04/25 | 110.30 | 110.80 | 0.73 | 120 | +1 | 2025-12-04 |
| RUSSIA 2 7/8 12/04/25 | 110.20 | 110.70 | 0.75 | 121 | +1 | 2025-12-04 |
| RUSSIA 4 3/4 05/27/26 | 115.30 | 115.80 | 1.78 | 131 | +1 | 2026-05-27 |
| RUSSIA 4 3/4 05/27/26 | 115.30 | 115.80 | 1.77 | 130 | +1 | 2026-05-27 |
| RUSSIA 4 1/4 06/23/27 | 113.35 | 113.85 | 2.03 | 148 | +2 | 2027-06-23 |
| RUSSIA 12 3/4 06/24/28 | 171.20 | 171.70 | 2.39 | 180 | +2 | 2028-06-24 |
| RUSSIA 4 3/8 03/21/29 | 115.70 | 116.20 | 2.26 | 158 | +2 | 2029-03-21 |
| RUSSIA 4 3/8 03/21/29 | 115.70 | 116.20 | 2.26 | 158 | +2 | 2029-03-21 |
| RUSSIA 7 1/2 03/31/30 | 115.80 | 116.30 | 1.82 | -51 | -1 | 2030-03-31 |
| RUSSIA 7 1/2 03/31/30 | 115.75 | 116.25 | 1.84 | -48 | +0 | 2030-03-31 |
| RUSSIA 5.1 03/28/35 | 126.10 | 126.60 | 2.85 | 190 | +3 | 2035-03-28 |
| RUSSIA 5 5/8 04/04/42 | 136.75 | 137.25 | 3.22 | 214 | +4 | 2042-04-04 |
| RUSSIA 5 5/8 04/04/42 | 136.85 | 137.35 | 3.21 | 214 | +3 | 2042-04-04 |
| RUSSIA 5 7/8 09/16/43 | 141.65 | 142.15 | 3.26 | 217 | +4 | 2043-09-16 |
| RUSSIA 5 7/8 09/16/43 | 141.90 | 142.40 | 3.24 | 216 | +4 | 2043-09-16 |
| RUSSIA 5 1/4 06/23/47 | 135.90 | 136.40 | 3.22 | 210 | +4 | 2047-06-23 |
| RUSSIA 5 1/4 06/23/47 | 135.80 | 136.30 | 3.22 | 210 | +5 | 2047-06-23 |
Market Map
russia sovereignYield Curve
russiaMarket History
Market Intelligence
russiaScholarly research shows that domestic debt grew as a share of total debt in EMs during the first decade of the century, but defaults on domestic creditors still decreased significantly.
A default to domestic investors usually carries a higher political and economic cost than a default to foreign investors.
Domestic debt is usually concentrated in local financial institutions, such as banks, insurance companies and pension funds.
The process of defaulting and restructuring usually involves a sharp spike in yields just before the credit event.
Then yields lose their economic meaning and only prices make sense, as they turn into a summary of market expectations for the recovery values.
This period ends when an exchange takes place and the old bonds are replaced by new bonds with a given exit yield
One year after the agreement, yields fall on average 4.1 pp from 12.6% to 8.5%.
This shows that there is potential to pick up price gains by entering a credit just after restructuring, and waiting for spread compression during the first year.
Low interest rates and the hunt for yields of the last decade has left broad swaths of EMs overindebted and vulnerable.
The first half of 2020 is not yet over and we already have 3 countries in default.
The recent record of most defaults on Eurobonds on a single year was 4 in 2017, so 2020 is not far from setting new records.
Eurobond restructuring processes are usually among the most complicated due to the variety of holders and the different interests they represent.
Suriname, Zambia, Belize, Sri Lanka and Angola are in the most risk to engross the default-statistic for the year.
