LONDON (Reuters) – Russia’s credit rating looks set to tumble into junk for the first time in more than a decade, a move that would exclude its bonds from a couple of high-profile indexes and may set off another wave of capital outflows.
The Fitch agency cut its rating on Russia to ‘BBB minus’ from ‘BBB’ on Friday, citing a significant deterioration in the country’s economic outlook due to the slump in oil prices and falling value of the rouble.
LONDON, Jan 2 (Reuters) – Indian shares led emerging market
gains on Friday, boosted by fresh reform hopes and signs of an
improving economy while most emerging currencies started the
year under pressure from the strong dollar.
With Russian and Chinese markets shut and trading elsewhere
thinned by the holiday season, emerging equities rose 0.25
percent after closing 2014 with losses of 4.6 percent.
Indian equities rose 1.5 percent to stand just 3 percent off
record highs hit early in December.
LONDON, Dec 31 (Reuters) – Emerging equities were set on
Wednesday to post their second straight year in the red, while
dollar bond spreads widened and the rouble headed for its worst
year since Russia’s 1998 crisis.
The sector is suffering from a resurgent dollar, slowing
growth, a sharp oil price drop and Western sanctions on Russia,
triggered by Moscow’s perceived role in the Ukraine crisis.
LONDON, Dec 29 (Reuters) – As Russia confronts financial
crisis, investors in its sovereign dollar bonds are braced for
things to get worse before they get better, even though few
expect a full-blown sovereign default.
The Russian state, they say, is a diligent payer of debts
however belligerent the rhetoric of its leaders. But Russian
companies are heavily indebted and with Western sanctions over
Moscow’s role in Ukraine making it hard for them to access
capital, the national balance sheet may have to shoulder much of
LONDON (Reuters) – Defending the rouble has cost Russia around $80 billion (51 billion pounds) this year, and depending on who’s doing the calculations, its usable hard currency reserves are now either starting to run low, or at a healthy $400 billion-plus.
While Russia has only slowed the rouble’s slide, it looks all right by any yardstick of whether its reserves are adequate. According to official data on Thursday, its foreign currency and gold reserves were $414.6 billion in the latest week.
LONDON (Reuters) – Defending the rouble has cost Russia around $80 billion this year, and depending on who’s doing the calculations, its usable hard currency reserves are now either starting to run low, or at a healthy $400 billion-plus.
While Russia has only slowed the ruble’s slide, it looks all right by any yardstick of whether its reserves are adequate. According to official data on Thursday, its foreign currency and gold reserves were $414.6 billion in the latest week.
LONDON, Dec 17 (Reuters) – The rouble’s opening bounce
fizzled on Wednesday as the currency shrugged off the latest
hard currency sales against a backdrop of general bearishness on
Russia and mounting pressure across emerging markets.
Central banks from Brazil to Indonesia have stepped in this
week to curb losses in their currencies which have sold off
versus the dollar on expectation the U.S. Federal Reserve will
hint at the timing and extent of future interest rate rises.
LONDON, Dec 15 (Reuters) – Dollar bonds of Russian companies
suffered a fresh selloff on Monday, as the rouble’s fall past
the 60-per-dollar level and the threat of more sanctions fanned
fears about future debt repayments.
Russian financial markets are reeling, with
dollar-denominated stocks chalking up a 10 percent loss
on Monday – their steepest one day fall since March – while
yields on local and hard currency sovereign debt are at levels
unseen since the 2008-2009 global crisis.
LONDON, Dec 15 (Reuters) – The Indonesian rupiah and Russian
rouble led emerging currency losses against the resurgent dollar
on Monday, while Russian sovereign bond spreads surged above 600
basis points for the first time since 2009.
Hurt by oil’s fall to 5-1/2 year lows and a surging dollar,
emerging equities fell to nine-month lows, while
emerging dollar bond yield spreads over Treasuries rose to 440
basis points, a three-year high, as investors demanded
higher returns for the risk of holding the debt.
LONDON, Dec 10 (Reuters) – Ukraine’s dollar bonds sold off
heavily on Wednesday on fears that an international bailout
programme would not prevent debt restructuring, while Greek
stocks extended the previous day’s double-digit fall.
Ukrainian bonds fell as much as five cents to trade at 66-68
cents in the dollar, while yield spreads widened 50 basis points
to 1669 bps over U.S. Treasuries, a new five-year high