08/05/1998 16:13:23 Asian troubles push Russian t-bill yields down
MOSCOW, Aug 5 (Reuters) - Russian GKO treasury bills and OFZ
fixed-rate bonds came under pressure from weak world markets on
Wednesday, confounding initial expectations that a surplus of
roubles on the market might boost prices, dealers said.
"Today's drop has been prompted by the problems in Asia,"
said Sergei Fyodorov of Vneshtorgbank. "Until there are changes
there, we should not expect anything in Russia. The situation is
such that you don't want to sell, but it's scary to buy."
Most issues closed four to seven percentage points down, but
dealers said that given lower liquidity and high volatility of
the market in recent months, the change was not significant.
"The market is drifting between 60 and 80 percent, depending
on the news," a dealer said.
"When there are no clients and no volumes, it is pointless
to talk about trends. Growth happens either on a technical rise
in liquidity, or following one or two more or less big players."
Demand for the dollar became stronger on the interbank
market, and dealers said that direct purchases of dollars from
the central bank doubled compared to Tuesday.
Aug 5 Aug 4
Average yield (% annual)
T-bills 62.22 58.94
Floating-rate OFZ bonds 85.41 86.18
Fixed-rate OFZ bonds 79.70 78.51
Turnover (bln rbls) 4.86 3.97
Funds in system (bln rbls) n/a 1.50
C.bank sales (mln rbl,mkt val) 659.00 3.04
C.bank buying (mln rbl,mkt val) none none
Aug 5 Aug 5 Aug 4
rouble/dollar midday morning close
today delivery 6.2855-6.2870 6.2840-6.2850 6.2790-6.2840
tomorrow delivery 6.2860-6.2870 6.2860-6.2865 6.2830-6.2850
overnight credits (%) 30-35 25-30 30-35
central bank 6.2190/6.2850 6.2150/6.2830
official rate 6.2520 6.2490
MICEX fix 6.2850 6.2830
((Anna Smirnova, Moscow Newsroom, +7095 941-8520