Anleihen der Emerging Markets im Tauchgang

verfasst von kingsolomon, 01.08.2003, 19:11

-->Emerging Market Bonds Head for Biggest Weekly Loss in a Year

Aug. 1 (Bloomberg) -- Emerging market bonds headed for their biggest weekly loss in a year as rising U.S. Treasury yields reduced demand for debt from Brazil, Russia and other developing nations considered a higher risk after past defaults.

J.P. Morgan Chase & Co.'s EMBI+ emerging market bond index dropped 0.36 percent to 262.3 at 10:25 a.m. London time, taking losses this week to 2.97 percent. The drop for the 19-nation bond index is the biggest since a 4.6 percent fall in the week ended July 26, 2002, when concern Brazil might default on its debt intensified as opposition presidential candidates gained in opinion polls.

U.S. Treasury yields gained today in European trading on speculation an unemployment report will add to evidence economic growth is accelerating. Benchmark 10-year note yields in July had their biggest monthly increase for a security of that maturity since May 1984.

``Treasuries were the trigger,'' said Robin Hubbard, who helps manage $2 billion of emerging market debt assets at F&C Management Ltd. in London and cut his holdings to less than the amount represented by benchmark indexes from ``overweight'' since mid-July. ``It was always going to be difficult for the market to hold off in the face of any Treasury selloff, and there hasn't been a lot of good news out of emerging markets.''

Brazilian President Luiz Inacio Lula da Silva's attempts to overhaul the country's pension system to save as much as $20 billion a year have been dogged by opposition from within his governing coalition. Brazil's 8 percent bond due 2014, known as the ``C'' bond, dropped 4.48 percent this week, raising the yield to 11.52 percent, or 8.06 percentage points more than U.S. Treasury bonds, from 10.49 percent, or 6.88 more than Treasuries.

Russia

In Russia, Platon Lebedev, chairman of the group that controls AO Yukos Oil Co., the country's biggest oil producer, has remained in custody for almost a month on charges of stealing shares of a state-owned company in 1994. Prosecutors said they reopened five murder or attempted murder cases allegedly linked to Yukos.

Russia's 2030 dollar bond lost 3.13 percent this week, raising the yield to 7.89 percent, or 2.55 percentage points more than Treasuries, from 7.51 percent, or a 2.44 percentage points spread.

The yield on the U.S. Treasury's 10-year 3 5/8 percent note touched 4.56 percent during trading yesterday, the highest since July 2002. U.S. unemployment probably fell to 6.3 percent in July from 6.4 percent in June, based on the median estimate of 69 economists surveyed by Bloomberg News.
Last Updated: August 1, 2003 05:55 EDT

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• Anleihen der Emerging Markets im Tauchgang - kingsolomon, 01.08.2003, 19:11
  • und Asien nicht vergessen - nasdaq10000, 02.08.2003, 09:38
    • hier noch was politisches über die Philippinen - nasdaq10000, 02.08.2003, 09:41
      • Re: hier noch was politisches über die Philippinen - Euklid, 02.08.2003, 10:25