LONDON, Feb 26 (Reuters) - Russian sovereign dollar bonds rose across the curve and the cost of insuring exposure to Russian debt fell on Monday, after ratings agency S&P Global raised the country’s credit rating to investment grade late on Friday.
Russia’s 2043 eurobond rose 1.4 cents to 115 cents in the dollar according to Tradeweb, a near one-month high. The 2026 issue was up 0.69 cents to 105 cents, and the 2027 issue was up 0.72 cents to 101 cents.
Data from IHS Markit showed five-year credit default swaps fell 5 basis points from Friday’s close to 103 bps, a near one-month low.
S&P Global Ratings raised Russia’s foreign currency long-term credit rating to investment grade ‘BBB-‘ from the so-called junk level of ‘BB+’ late on Friday night. (Reporting by Claire Milhench)