Daily Market Monitor: We expect this downward correction to continue on Friday

The rouble bond market saw some consolidation on Thursday
although a lack of trading ideas left the market nearly unchanged.
Traders appear to be waiting for more certainty from the money markets
before making any significant changes to their portfolios. We see rouble
appreciation as the most likely scenario, which we see as having a
positive influence on rouble bonds.
The Russian Eurobond market mostly followed U.S. benchmarks
on Thursday. U.S. treasury bonds saw a significant decline after the
release of stronger than expected U.S. economic figures and significant
technical pressure after over-buying the day before. The market
benchmark UST’10 bond yield climbed about 10bps, which led to a
price decline in Russian papers – the most liquid Russia’30 bond lost
about 0.5% in price to hit 106.8%. We expect this downward correction
to continue on Friday.