Fixed Income Regional Market Watch

1 Apr, 2021
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  • Fixed Income Regional Market Watch report covers a range of EUR and USD state and corporate Eurobonds issued in CIS, Caucasus, Eastern Europe and extended Region
  • Rates on longer dated US treasury securities continued to climb in March with a sharp jump registered in mid-March in nominal yields
  • No major change observed in global equity indices over March. On the other hand, a noticeable shift was observed in the MSCI Emerging Markets index
  • Gold prices have continued to retreat throughout March at a slow pace, while oil prices have reached new highs since the beginning of the pandemics
  • Georgia: the NBG increased the refinance rate by 0.5 pp to 8.5%. Q4 2020 GDP growth came in at -6.8% YoY. For the whole year, the real GDP growth declined by 6.2% YoY
  • Russia: annual CPI inflation continued to hike to 5.7% YoY in February. The central bank of Russia delivered a 0.25 pp hike in its policy rate at 4.5%
  • Turkey: replacement of central bank governor in Turkey was followed by turmoil in markets. The annual CPI inflation accelerated further in February 2021 to 15.61%. At the end of March the Turkish Lira is depreciated by 8.0% MoM, while the YoY figure stands at 20.0%
  • Armenia: the Central Bank of Armenia maintained the tightened stance and left the policy rate unchanged. Inflation continued to rise and came in at 5.3% YoY in February 2021
  • Ukraine: price growth accelerated further standing at 7.5% YoY in February 2021. The NBU delivered a 0.5 pp hike in the key policy rate to 6.5% in the beginning of March
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