No movement in the ruble bond market occurred yesterday as expensive funding due to high ruble interest rates cooled down the upward dynamics of the market

No movement in the ruble bond market occurred
yesterday as expensive funding due to high ruble interest
rates cooled down the upward dynamics of the market.
Nothing happened in the most liquid bonds segment, while
total market turnover was artificially increased due to
several deals with less liquid paper in negotiation deals
mode. We expect that a potential rate contraction in the
beginning of September could bring market optimism
back.
The Eurobond market was inactive since trading in
London was closed due to a UK bank holiday. Russian
sovereign spreads increased by 1bp to 296bps.
Yesterday’s US economy data was generally in line with
expectations so it did not influence the market
significantly. Today US consumer confidence figures and
Chicago PMI are released, though the market is expecting
more important data on US payroll on Friday.