10年期俄罗斯自由贸易区收益率为15.8%,自10月下旬触及16.9%的两年多来高点以来大幅下跌,并追随其他俄罗斯资产的反弹,因为市场为唐纳德·特朗普当选美国总统后俄罗斯地缘政治挑战的潜在变化做好了准备。押注美国共和党可能放松对乌克兰军队对俄罗斯的资金支持,并在俄罗斯金融市场对莫斯科实施新的制裁,这促使投资者大量购买俄罗斯长期固定收益证券。尽管如此,10年期自由贸易区的收益率自年初以来仍高出3.6个百分点。央行在10月份的会议上将其关键政策利率上调至21%的历史新高,这是有史以来的最高水平,也高于市场对短期上调至20%的预期。该行还指出,扩张性财政政策也导致了通胀压力,部分资金来自大量的OFZ发行。
The yield on the 10-year Russian OFZ was at 15.8%, declining sharply since touching the over-two-year high of 16.9% in late October, and tracking the rally in other Russian assets as markets positioned for potential changes in Russia’s geopolitical challenges following the election of Donald Trump for US President. Bets that the US Republican Party could ease funding of the Ukrainian army against Russia, and be less restrictive with new sanctions on Moscow on Russia’s financial market, drove investors to pile on long-dated Russian fixed-income securities. Still, the yield on the 10-year OFZ was 3.6 percentage points higher since the start of the year. The central bank raised its key policy rate to a record high of 21% in its October meeting, the highest on record, and above market expectations of a shorter increase to 20%. The bank also noted that expansionary fiscal policy also contributed to inflationary pressures, partially financed through ample OFZ issuing.