April 10, 2018 / 8:23 AM / a year ago

Russia dollar bonds extend losses, CDS rise to 6-mth high

LONDON, April 10 (Reuters) - Russian dollar bonds extended losses on Tuesday and the cost of insuring exposure to Russian debt jumped to a six-month high in the wake of U.S. sanctions targeting Russian companies and their owners.

Russia sovereign dollar bonds fell across the curve, with the 2043 issue tumbling 3.8 cents in the dollar to around 105.7 cents according to Tradeweb.

The June 2027 Eurobond fell 2 cents to 95.3 cents , a record low, and the May 2026 issue fell 1.2 cents to 100.6 cents.

The average bond yield spread of Russian sovereign bonds over safe haven U.S. Treasuries on the JPMorgan EMBI Global Diversified index jumped 15 basis points (bps) to 225 bps .

Russian five-year credit default swaps rose to 144 bps, their highest since end-September, up 6 bps from Monday’s close according to IHS Markit. (Reporting by Claire Milhench Editing by Alison Williams)

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