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Debt Investors Turn Page on Russia
Keywords:
Foreign investors make up only 7% of Russia's domestic bond market compared to 30% for similiarly rated Mexico. Russia is rated BBB by Standard & Poor's. Moody's Investors Services rating is one notch higher. The yield on Russia's 10 year government bond is about 7%, compared to 4.35% for Italy and 1.8% for U.S. Treasurys. Russia's deputy finance minister, Alexei Moiseyev, says he hopes changes will raise the foreign holdings to about 33%. Martin Gilman, a former IMF representative to Russia in 1998, and now a professor at Moscow's Higher School of Economics, says rates will go higher because of appreciation in the ruble and large monetary easing in Europe and the U.S. The situation has changed completely from the 1998 Russian default on debt payments of $160 billion. The IMF estimate is for overall debt to be about 11% of GDP by the end of 2014.
Russia's full reopening of the domestic bond market to foreign investors in 2013
04/23/2010
Fifteen years after the Russian financial crisis of 1998, Russia will fully open its domestic bond market to foreign investors. Returns of about 7% compare favorably with the 4% returns on Italian bonds. The IMF estimate is for debt to GDP ratio to decline to 11% by the end of 2014, and it is a very different country today.
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Debt Investors Turn Page on Russia
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Alexei Kudrin and other experts see the potential for a deep political and economic crisis in Russia 2011-2015
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Ex-Aide to Medvedev and Putin Out at Kremlin
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Putin Pledges Stimulus for Russian Economy
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Russia's Growth Pace Continues to Weaken
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Russia Looks to Borrow to Plug Funding Gap
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Russia Prepared to Let Ruble Slide
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The Reserve Fund, Russia's sovereign wealth fund, is now down to $26 billion. This would only cover about half of the 2011 budget deficit. The need for foreign investment to pursue economic growth, meet development needs, and for oil exploration in the Arctic.
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Russia's Growth Pace Continues to Weaken
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Russia Prepared to Let Ruble Slide
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New York Times 05/22/2014
Putin Trumpets Economic Strength, but Advisers Seem Less Certain
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Global Oil Glut Sends Prices Plunging
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Putin Pledges Stimulus for Russian Economy
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Russia's Growth Pace Continues to Weaken
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Russia Looks to Borrow to Plug Funding Gap
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Russia Prepared to Let Ruble Slide
Wall Street Journal 01/30/2014
Wall Street Journal 03/05/2012
Competing Visions for Russia’s Economic Future
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