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5 Feb 2015
RUB should remain unattractive - BBH
FXStreet (Guatemala) - Analysts at Brown Brother Harriman explained that the RUB has a zero share of total EM issuance so far in 2015, down from 1% in 2014.
Key Quotes:
"It appears that the increasing RUB share of total EM Uridashi issuance has stalled in the wake of Ukraine tensions."
"The RUB share was 4% in 2013 and 5% in 2012, while its average share from 2005-2013 was 1%."
"The ruble should remain unattractive due to falling oil prices as well as the ongoing Ukraine-related sanctions."
"The central bank’s rate hikes have not had much long-lasting impact, and so it has started easing again."
Key Quotes:
"It appears that the increasing RUB share of total EM Uridashi issuance has stalled in the wake of Ukraine tensions."
"The RUB share was 4% in 2013 and 5% in 2012, while its average share from 2005-2013 was 1%."
"The ruble should remain unattractive due to falling oil prices as well as the ongoing Ukraine-related sanctions."
"The central bank’s rate hikes have not had much long-lasting impact, and so it has started easing again."