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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
- Russia defaulted on its foreign-currency debt for the first time since 1918 followed the expiration of two coupons on Sunday.
- As a reminder, the country was given a 30-day grace period to pay a total of 100mil dollars in interests on bonds denominated in EUR and USD by May 27.
- We have questioned in recent weeks the ‘Ruble recovery’ in addition to the sharp divergence we have observed for GDP 2022 forecast between some Russia officials (estimated a ‘mild’ 3% contraction) and some analysts, who are expecting the economy to contract by over 10% this year.
- MNI ‘fair’ value of EURRUB prices in an exchange rate closer to 95; the chart shows the strong divergence between the ‘spot’ rate and the ‘fair’ value rate since the beginning of April.
- German Chancellor Scholz reiterated in a recent interview that sanction will continue to weaken the Russian economy.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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