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Dec PPI, Jan Inflation Expectations Data on the Docket

RUSSIA
  • Russian gold miner Polyus on Tuesday closed the order book for a bond issue linked to the ruble price of gold, Kommersant report. Although the offering of RUB 20bln was undersubscribed at RUB 15bln, the yield was set at only 3.3%, while Polyus's classic bonds are trading with a yield of 12%. Gold-linked bonds are a rarity on the Russian market, but the current situation with high rates could push other companies to offer them, the newspaper write.
  • Yesterday, the Russian government unexpectedly decided to extend mandatory sales of FX revenue for major exporters until the end of 2024 as it believes the measure has been effective in stabilising the ruble. The Central Bank opposes the move, as it thinks tighter monetary policy and growth of exports has had more of an impact on the exchange rate.
  • The Federal Statistics Service will report December PPI and weekly inflation data at 16:00GMT/19:00 local time. Meanwhile, the central bank will report January inflation expectations and will publish a report on business expectations, according to Bloomberg.
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