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Morning Commentary: Market less focused on Ukraine conflict; Russia’s 2020s tick higher
By Christine Van Dusen
Atlanta, Aug. 19 – Market sentiment improved on Tuesday morning as Palestinian and Israeli officials worked toward a truce and investors took a break from worrying about Ukraine and Russia – even as fighting continued.
Violence erupted again in east Ukraine after a bus convoy was struck by artillery that Kiev says came from pro-Russian separatists. And recent remarks from Russian and Ukrainian officials suggest that a ceasefire may not be in the cards.
“Still, markets have reached a point of desensitization, where the broad rally continues for the time being,” according to a report from Commerzbank.
On Tuesday morning, Russian sovereign bonds declined slightly, with the 3½% 2019 notes that priced at 99.195 trading at 99.38 bid, 99.88 offered after Monday’s level of 99.50 bid, par offered.
The sovereign’s 4 7/8% notes due 2023 that priced at 98.162 were spotted Tuesday at 99.95 bid, 100.45 offered after trading on Monday at 100.25 bid, 100.75 offered.
Russia’s 3 5/8% notes due in 2020 fared better, trading Tuesday at 101.44 bid, 101.94 offered after Monday’s 101.25 bid, 101.75 offered. The notes priced at 99.533.
So far this week, sovereign bonds from Ukraine have dipped, with the 2023s spotted at 89.80 bid, 91.10 offered, according to a report from Eavex Capital.
And Ukraine-based poultry producer MHP SA’s 2020s – which priced at par – have moved to 85.70 bid, 87.10 offered, the report said.
From the Middle East, Emirates Islamic Bank’s perpetual notes moved back to par bid on Tuesday morning, a London-based trader said.
Looking to emerging Europe, Lithuania’s 6 5/8% notes 2022 that priced at 99.102 traded Tuesday at 121.50 bid, 122 offered.
And Turkey’s 5¾% 2024 notes that priced at 99.251 moved on Tuesday to 109.38 bid, 109.88 offered, he said.
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