The beginning of the year was not successful for all stock assets. Prices of a wide range of ruble bonds fell, moreover, at a stable rate of the national currency. 2 weeks ago I wrote about the riskiness of the previous wave of bond growth. True, I did not expect that it would be replaced by a fall so quickly. As a result, over the past couple of weeks, OFZs have lost an average of 1.2% of the price (10-year bonds – 2%), subfeeds and the first corporate echelon – about 0.7%. It must be said that the lowest losses were incurred by the high-yield bond segment, the average price minus less than 0.5% (for securities included in the PRObonds portfolios, it is even less, about 0.4%). ABOUT VDO – separate material tomorrow.
I continue to believe that it is safer to keep money in short bond issues, up to 2 years to maturity. The blow to bonds is unpleasant and, I think, is not over. Already because it can receive support from the correction of stock markets. Russia is a monolithic stock market, where stocks and bonds, driven by external cash flows, have a positive correlation of fluctuations, and they also positively depend on stock corrections in the United States. It looks like there will still be an opportunity to replace less sagging short papers with more sagging long ones.