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Debt Markets Starting to Show Signs of Life

RUSSIA
  • PMI data released this morning came in well ahead of expectations, although both the composite and services sectors showed signs of contraction. Services rose to 48.5 from 44.5 and composite rose to 48.2 vs. Exp. 45.5.
  • Late yesterday, the European Union sealed unanimity in its approach to Russian sanctions, passing a sixth package of measure that partially bans Russian crude imports across the entirety of the bloc. Some key concessions were made to get Hungary on board, but the request to exempt the head of the Russian orthodox church from sanctions failed to make it into the final deal.
  • Following a meeting with POTUS, NATO’s Stoltenberg that efforts are underway to secure grain exports from Ukraine, with Lithuania, Estonia and the Netherlands all stating they would provide naval escorts to such seaborne cargo.
  • Kommersant reports that Russian debt markets are beginning to show signs of life again, with RUB140bln raised in the domestic market across May by corporate borrowers – broadly inline with last year’s equivalent.
  • Vedomosti writes that Russian banks have asked the government and the central bank not to limit maximum mortgage rates until the end of 2022 – a limit that is currently due to come into force at the beginning of July.
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