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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

moscow.newsroom@reuters.com))

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