Russian bonds

Saturday 16 January 1999 00:02 GMT

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Russian bonds

RUSSIA re-opened trade in domestic bonds for the first time since the government's debt default in August. Dealers were dismayed by the decision to limit annual yields on bonds to 120 per cent, significantly below pre- default levels. As a result, bond trade was very thin, with only 1 million roubles of Treasury bonds traded. Before the August default, daily Treasury bond trade exceeded 4 billion roubles.

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