Daily Market Monitor: Generally, market sentiment looks quiet ahead of the coming May holidays and stable ruble-dollar dynamics.

With activity low, the rouble bond market showed little change on
Monday. President Putin’s annual address had the potential to enliven
the market, but as it turned out, all the positive news had already been
priced in. Generally, market sentiment looks quiet ahead of the
coming May holidays and stable ruble-dollar dynamics.
Russia’s Eurobond market remained unchanged on Monday,
with activity slowing ahead of U.S. economic releases this week. The
sovereign spread contracted by an insignificant 1 bp. The Russia’30
yield grew by the same margin, 1 bp, while the benchmark yield did
not change at all. Tuesday’s release of the U.S. Consumer Confidence
Index for April is likely to shape market dynamics. While data on
Personal Income and GDP for 1Q05 in the United States will be the
major factor in play on Thursday.