Foreigners selling Russian federal bonds

RUSSIA / FSU POLITICS - In Brief 04 Apr 2020 by Alex Teddy
On April 2 data from the Russian Exchange showed foreigners were dumping Russian federal bonds (OFZs). Over USD 3.5 billion worth were sold in March. This is the biggest sell off of any month ever. It is more than twice the sell off of June 2018 caused by US sanctions. This is due to the fear engendered by coronavirus and the collapse in oil prices. The dramatic 20% fall of the RUB in just one month sparked the current sell-off.Foreigners have now sold over 10% of their OFZs. The % of OFZs held by non-Russian has fallen from 35% to 31%. Prices for Russian debt have dropped precipitously.

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