Investors confident about the long-term outlook for Russia have been putting their money where their mouths are, and buying the government’s debut 30-year rouble-denominated bond.
According to research from Moscow Narodny Bank, R3.5 billion ($124 million) of bonds were auctioned at an average yield of 6.99%. The issue was three times oversubscribed, “indicating appetite for long-term paper amid Russia’s impressive macroeconomic fundamentals and increased political stability.”
Foreign investors are estimated to have bought as much as one-third of the issue.
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