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8/08/2018

U.S. SANCTIONS THREAT AS RUSSIA DOLLAR BOND\

U.S. SANCTIONS THREAT AS RUSSIA DOLLAR BOND\
Russian sovereign dollar bonds fell across the curve on Wednesday with some issues losing around 1.7 cents as investors eyed a threat from possible U.S. sanctions.


The 2043 issue fell 1.69 cents to 107.2 cents, the lowest level in over a month, according to Tradeweb. The 2027 bond slipped 1.4 cents to 94.8 cents, the lowest since mid-June.

The average bond yield spread of Russian sovereign bonds over safe haven U.S. Treasuries on the JPMorgan EMBI Global Diversified index rose by 6 basis points (bps) from Tuesday’s close to 206 bps, the highest level since July 19.

Russia’s Kommersant daily published what it said was the text of a draft U.S. law outlining possible penalties against Russia, citing potential restrictions on the operations of several state-owned Russian banks in the United States, including Sberbank and VTB.

The bill also includes restrictions on new Russian sovereign debt transactions, energy and oil projects and Russian uranium imports as well as new sanctions on Russian political figures and oligarchs. (Reporting by Claire Milhench, editing by Karin Strohecker)


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