Some international investors are holding on to Russian debt, betting that a diplomatic solution to the crisis over Ukraine could spark a rally
Tensions over a potential Russian invasion of Ukraine have put international investors on edge. But some are holding on to Russian debt, betting that a diplomatic solution to the crisis could spark a rally.
Yields on Russian government and corporate bonds have shot up since the start of the year, with the spread between Treasurys and 10-year local-currency sovereign debt rising to 7.8 percentage points at the peak. The ruble has depreciated 3.5% against the dollar so far in 2022 and traded at the weakest level in 13 months last week before recovering moderately.
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