Trading in the bond market

People and organizations wanting to borrow money are brought together with those having surplus funds in the financial markets.

There are a great many different financial markets, each one consisting of many institutions, dealing with different instruments in terms of the instrument maturity and the assets backing it, and serving different types of customers.

Generally, financial markets are classified as money or capital markets and primary or secondary markets.

Money markets deal in short-term securities having maturities of one year or less. Capital markets deal in long-term securities having maturities greater than one year. An investor who purchases new securities is participating in a primary financial market. An investor who resells existing securities is participating in a secondary financial market.

So, when businesses, units of government or individuals cannot satisfy their needs for funds by revenue from sales of goods and services, they can turn to either debt financing (any process by which the firm gets cash or some other assets in return for a promise to pay an agreed upon sum plus interest) or equity financing (any process by which a firm raises funds in return for a share in its ownership and management).

Some sources of funds available to businesses (like issuing stock) are not available to governments. When revenues fall short of expenditures governments go into debt – they borrow short- and long-term funds by issuing bonds.

A bond is an instrument in which the issuer (debtor/ borrower) promises to repay to the lender/ investor the amount borrowed plus interest over some specified period of time. It should be stressed that one of the most important characteristics of a bond is the nature of its issuer. Issuers include federal (central) governments and their agencies, supranationals (such as the World Bank, the Asian Development Bank), municipal governments, and nonfinancial and financial corporations.

By far the largest issuers are central governments.

There is no uniform system for classifying the global bond markets. Quite a number of financiers consider it appropriate to use the following classification. From the perspective of a given country, the global bond market can be classified into two markets: an internal bond market and an external bond market. The internal bond market is also called the national bond market. It can be decomposed into two parts: the domestic bond market and the foreign bond market.

The domestic bond market is where issuers domiciled in the country issue bonds and where those bonds are subsequently traded. The foreign bonds market of a country is where bonds of issuers not domiciled in the country are issued and traded.

Bonds traded in the US foreign bond market are nicknamed Yankee bonds. In Japan, foreign bonds issued by non-Japanese entities are nicknamed Samurai bonds. Foreign bonds in the United Kingdom are nicknamed bulldog bonds, in the Netherlands – Rembrandt bonds and in Spain – matador bonds.

The external bond market, also called the international bond market, includes bonds with several distinguishing features: 1) they are underwritten by an international syndicate, 2) at issue they are offered simultaneously to investors in a number of countries, 3) they are issued outside the jurisdiction of any single country, and 4) they are in unregistered form. The external bond market is commonly referred to as the offshore bond market, or more popularly, the Eurobond Market. The Eurobond Market is divided into different submarkets depending on the currency in which the issue is denominated.

Computerization in bond markets has reduced costs of trading bonds and made them more convenient to hold and transfer: they are not issued in certificate form – they are only computer entries.

 

Notes:

In terms of the instrument maturity         точки зрения сроков огашения финансового инструмента

When revenues fall short of expenditures    когда доходы меньше расходов

…governments go into debt                    равительства осуществляют заимствования

 

VOCABULARY

Financial market               финансовый рынок

Bond market                     рынок облигаций

Maturity                            срок долгового обязательства

To back                             гарантировать, давать поручительство

To serve customers                обслуживать заказчиков

Money market                       денежный рынок, рынок краткосрочного капитала

Capital market                       рынок долгосрочного ссудного капитала

Primary market                      первичный рынок

Secondary market                  вторичный рынок

To deal (in)                            торговать

Short-term securities              краткосрочные ценные бумаги

To turn (to)                            обращаться (к кому-либо)

Debt financing                       финансирование путем получения займов

In return for                           в обмен на

Equity financing               мобилизация капитала с помощью выпуска акций

Share                                      (зд.) доля

Ownership                             (зд.) владение собственностью

To issue stock (bonds)           выпускать акции (облигации)

Long-term funds               долгосрочные средства

Issuer                                     эмитент ценных бумаг

Debtor                                   должник, дебитор

Lender                                   кредитор

Supranational                         наднациональная организация

Municipal government           муниципалитет

By far                                (зд.) в значительной степени

Uniform                            единый

From the perspective of        с точки зрения

Internal bond market             внутренний рынок облигаций

External bond market            внешний рынок облигаций

To decompose                       разлагать на составные части

Domiciled                              постоянно проживающий

Subsequently                         впоследствии, затем, позже

To trade                            (зд.) осуществлять сделки на рынке ценных бумаг

To nickname                          давать прозвище

Distinguishing feature           отличительная черта

To underwrite                        гарантировать размещение ценных бумаг

Jurisdiction                            юрисдикция

In unregistered form              незарегистрированный

Offshore bond market           оффшорный рынок облигаций

Eurobond market                   рынок еврооблигаций

Submarket                             субрынок

To denominate                       выражать в валюте различного достоинства

Readil                                    быстро, легко, без труда

In certificate form                 в форме сертификата

Computer entry                 запись в компьютере

 

Exercise 2. Answer the following questions:

 

1. What role do financial markets play?

2. In what ways do financial markets differ?

3. How can financial markets be classified?

4. In what way can capital be raised?

5. What ways of raising capital are available for governments?

6. What is a bond?

7. How can the global bond market be subdivided?

8. In what forms can government bonds be issued?

 

Exercise 3. Fill in the gaps with the words and expressions from the text:

 

1. People and organizations wanting to borrow…………………… are brought together with those having ……………………………… in the financial markets.

2. There are a great many different …………………………., each one consisting of many ……………………….., dealing with different instruments in terms of the instrument maturity and the assets backing it, and serving different types of ………………………. .

3. Generally, financial markets are classified as ……………………………………. and ……………………………………………………. .

4. Money markets deal in …………………………………………… having maturities of one year or ……………….. .

5. Some sources of funds available to businesses (like issuing stock) are not available to ……………………………. .

6. A bond is an instrument in which the issuer (debtor/ borrower) promises to ……………. to the lender/ investor the amount borrowed plus ………………… over some specified period of time.

7. From the perspective of a given country, the global bond market can be classified into two markets: …………………………………. and …………………… .

8. The domestic bond market is where issuers domiciled in the country issue ………… and where those …………………… are subsequently ……………… .

9. Bonds traded in the US foreign bond market are nicknamed ……………………… .

10. Computerization in bond markets has reduced ………………….of trading bonds and made them more …………………………… to hold and transfer: they are not issued in certificate form – they are only computer ………………………. .

 

Exercise 4. Translate the words and expressions below from Russian into English and make up your own sentences with them.

 

1. наднациональная организация

__________________________________________________________________________

2. муниципалитет

__________________________________________________________________________

3. в значительной степени

__________________________________________________________________________

4. внутренний рынок облигаций

__________________________________________________________________________

5. внешний рынок облигаций

__________________________________________________________________________

6. разлагать на составные части

__________________________________________________________________________

7. постоянно проживающий

__________________________________________________________________________

8. осуществлять сделки на рынке ценных бумаг

__________________________________________________________________________

 

9. давать прозвище

__________________________________________________________________________

10. гарантировать размещение ценных бумаг

__________________________________________________________________________

11. оффшорный рынок облигаций

__________________________________________________________________________

12. рынок еврооблигаций

__________________________________________________________________________

13. субрынок

__________________________________________________________________________

14. выражать в валюте различного достоинства

__________________________________________________________________________

15. в форме сертификата

__________________________________________________________________________

 

Exercise 5. Translate the words and expressions below from English into Russian and make up your own sentences with them.

 

1. financial market

__________________________________________________________________________

2. bond market

__________________________________________________________________________

3. maturity

__________________________________________________________________________

4. to back

__________________________________________________________________________

5. money market

__________________________________________________________________________

6. capital market

__________________________________________________________________________

7. debt financing

__________________________________________________________________________

8. equity financing

__________________________________________________________________________

9. to issue stock (bonds)

__________________________________________________________________________

10. long-term funds

__________________________________________________________________________

11. issuer

__________________________________________________________________________

12. debtor

__________________________________________________________________________

13. lender

__________________________________________________________________________

14. ownership

__________________________________________________________________________

15. primary market

__________________________________________________________________________

 

Exercise 6. Find in the text (of exercise 1) English equivalents for the following Russian phrases:

 

1. иметь дело с различными финансовыми инструментами

__________________________________________________________________________

2. обслуживать клиентов

__________________________________________________________________________

3. со сроком платежа менее (более) одного года

__________________________________________________________________________

4. участвовать в сделках на рынке

__________________________________________________________________________

5. финансирование путем получения займов

__________________________________________________________________________

6. мобилизация капитала с помощью выпуска акций

__________________________________________________________________________

7. единая система классификации

__________________________________________________________________________

8. эмитент, не проживающий постоянно в стране

__________________________________________________________________________

9. облигации, которыми торгуют на рынке

__________________________________________________________________________

10. выпуск облигаций гарантирован международным синдикатом

__________________________________________________________________________

11. сократить расходы, связанные с куплей и продажей облигаций

__________________________________________________________________________

12. выпускать облигации в форме сертификата

__________________________________________________________________________

13. выпускать облигации в виде записи в компьютере

__________________________________________________________________________

14. выпускать в незарегистрированной форме

__________________________________________________________________________

 

 

Exercise 7. Single out the main points of the text (ex. 1). Use the following opening phrases:

1. The text looks at (the problem of …) …;

_____________________________________________________________________

2. The text deals with the issue of …;

_____________________________________________________________________

 

3. It is clear from the text that …;

_____________________________________________________________________

4. Among other things the text raises the issue of …;

____________________________________________________________________

5. The problem of … is of great importance.

_____________________________________________________________________

6. One of the main points to be singled out is …;

_____________________________________________________________________

7. Great importance is also attached to …;

_____________________________________________________________________

8. In this connection, I’d like to say …;

_____________________________________________________________________

9. It further says that … ;

_____________________________________________________________________

10. I find the question of … very important because …;

_____________________________________________________________________

11. We shouldn’t forget that … ;

_____________________________________________________________________

12. I think that … should be mentioned here as a very important mechanism of … .

_____________________________________________________________________

Exercise 8. Match the verbs from (a) with the nouns from (b) below:

 

a) to bring together    b) capital

to classify                           people

to underwrite          issue

to invest into           debt financing

to speed up             role

to raise                    use

to broaden                  real sector

to rely on                            financial instruments

to enhance               placements

to issue                    bonds

to satisfy                             classification

to use                      needs

to reduce                            parts

to decompose into costs

Exercise 9. Think of and write the verbs that are most commonly used with:

 

1. maturity

__________________________________________________________________________

2. bond

__________________________________________________________________________

3. stock

__________________________________________________________________________

4. issue

__________________________________________________________________________

5. investor

_________________________________________________________________________

6. banks

_________________________________________________________________________

7. return

_________________________________________________________________________

8. depository

_________________________________________________________________________

9. sale

_________________________________________________________________________

10. credit rating

_________________________________________________________________________

11. placement

_________________________________________________________________________

12. needs

_________________________________________________________________________

 

Exercise 10. Read the text, supplying the articles where necessary. Explain how the Eurobond Market operates.

The Eurobond Market

The Eurobond Market is … major source of corporate financing in …unregulated international capital market.

This market permits lenders to lend directly to borrowers across … national borders.

The borrowers or issuers of the bonds include MNCs, public sector organizations, sovereign states and … commercial banks. The lenders or purchasers of the bond securities are individual and institutional investors, with … latter group dominating. Generally, purchasers buy Eurobonds in currencies other than their own and … major attraction of these bonds for investors is that in most currencies they are anonymous bearer bonds that exempt individuals from capital gains and withholding taxes in their own domestic system.

Banks play a major role in … Eurobond market by bringing together lenders and borrowers, underwriting the bond issue, selling or placing the bonds, supporting the secondary market in bonds, and managing the repayment of interest an capital to … investors. The participating banks will receive … fee for each of these services rendered to the borrower or investor.

The key to the market is … established and high quality credit rating with an internationally recognized rating agency such as Moody’s or Standard and Poor’s.

Eurobonds, of whichever currency denomination, are listed in another country and trade independently of any domestic market. In recent years there has been … continued rapid expansion of Eurobond issuance that has been one of … most significant developments in bond markets worldwide.

In this context, there was one more fast-growing market that deserves … mention. It is the ECU (European Currency Unit) bond market which proved to be popular a few years ago and paved the way to the single Eurobond market.

 

VOCABULARY

MNC (multinational company)         многонациональная компания  (корпорация)

Anonymous                                       безымянный, анонимный

Moody’s (Investors Service)        ведущее агентство по установлениюрейтингов ценных бумаг

Standard and Poor’s (Corporation)   ведущая фирма по установлению рейтингов ценных бумаг

To list                                                (зд.) зарегистрировать на бирже

ECU (European Currency Unit)       Европейская валютная единица (ЭКЮ)

 

Exercise 11. Translate the dialogue, using the vocabulary, given after it. Sum up its content and act it out.

 

Foreigner: Financial markets are generally classified as money or capital markets and primary or secondary markets. Do you follow this classification?

Russian: Yes, we do. But structurally we divide our financial market into a hard-currency market, a bank credit market, debt and equity markets and the market of gold and precious metals.

F.: I see. My experience in Russia tells me that your investors prefer operations in the hard currency market to investing in the real sector of your economy.

R.: Yes, our capital markets are thin, weak and vulnerable.

F.: It’s a pity, because the debt market, for one, is a powerful instrument of monetary policy. Many governments issue bonds to solve their financial problems and to cover budget deficits.

R.: And how is the international bond market performing this year?

F.: Volumes of issuance have been rather high, though fewer bonds have appeared from emerging markets of Eastern Europe.

R.: Investors are still viewing borrowers in emerging markets too risky, I suppose. Western sovereign borrowers are the main players in the market, aren’t they?

F.: Well, yes, but many are trying to slow down their borrowing and reduce their national debt.

R.: This leaves room for other borrowers, right?

F.: Yes, supranationals have diversified tremendously, both in their products and markets. Corporate borrowers are also very active.

R.: But after the crisis investors have become more cautious, haven’t they?

F.: That’s right. Credit ratings of borrowers have become much more important. Investors demand transparency and liquidity. Borrowers are finding it much harder and more expensive to raise sufficient funds on the international debt market.

R.: How has the introduction of the Euro affected the bond market?

F.: Some are thinking of Euro-denominated bond issues as the bond markets are moving away from the dollar in favour of the Euro. The competition is becoming keener.

R.: We are entering a new and turbulent phase in the debt markets. Many people believe that the worst is yet to come.

VOCABULARY

Structurally                                        структурно

Hard-currency market                       рынок твердой валюты

Bank credit market                            рынок банковских кредитов

Debt market                                      рынок ссудного капитала

Equity market                                    рынок акций

Market of gold and precious metals  рынок золота и драгоценных металлов

Real sector                                         реальный сектор

Thin                                                   узкий

Issuance                                        выпуск (акций)

Emerging markets                             молодые, развивающиеся рынки

Sovereign borrower                           суверенный заемщик, государство-заемщик

Cautious                                       осторожный

Credit rating                                      осторожный

Euro                                                   евро (валюта)

Turbulent                                      бурный, неспокойный

 

Exercise 12. Answer the following questions:

 

1. What are the components of the Russian financial market?

2. Are volumes of issuance big in the market?

3. Who are the main players in the bond market?

4. What tendencies have been registered in the market lately?

5. How will the introduction of the Euro affect the market?

 

Exercise 13. Find the Russian equivalents for the following:

 

1. capital markets

__________________________________________________________________________

2. to divide markets

__________________________________________________________________________

3. to invest in the real sector

__________________________________________________________________________

4. a powerful instrument of monetary policy

__________________________________________________________________________

5. to solve financial problems

__________________________________________________________________________

6. to cover budget deficits

__________________________________________________________________________

 

7. to slow down borrowing

__________________________________________________________________________

8. to reduce the national debt

__________________________________________________________________________

9. to diversify tremendously

__________________________________________________________________________

10. to demand transparency and liquidity

__________________________________________________________________________

 

Exercise 14. Find the synonyms for the words in italics.

 

1. The Eurobond Market is a major source of corporate financing… .

__________________________________________________________________________

2. This market permits lenders to lend directly to borrowers across the national borders.

__________________________________________________________________________

3. Banks play a major role in the Eurobond market by bringing together lenders and borrowers… .

__________________________________________________________________________

4. The participating banks will receive a fee for each of these services rendered to the borrower or investor.

__________________________________________________________________________

5. In recent years there has been a continued rapid expansion of Eurobond issuance.

__________________________________________________________________________

6. It is the ECU bond market which proved to be popular a few years ago.

__________________________________________________________________________

7. … paved the way to the single Eurobond market.

__________________________________________________________________________

8. Credit ratings of borrowers have become much more important.

__________________________________________________________________________

9. Borrowers are finding it much harder and more expensive to raise sufficient funds on the international debt market.

__________________________________________________________________________

 

Exercise 15. Translate the sentences into Russian.

 

1. Financial markets are generally classified as money or capital markets and primary or secondary markets.

___________________________________________________________________________

__________________________________________________________________________

 

2. But structurally we divide our financial market into a hard-currency market, a bank credit market, debt and equity markets and the market of gold and precious metals.

_________________________________________________________________________

__________________________________________________________________________

 

3. My experience in Russia tells me that your investors prefer operations in the hard currency market to investing in the real sector of your economy.

__________________________________________________________________________

__________________________________________________________________________

 

4. It’s a pity, because the debt market, for one, is a powerful instrument of monetary policy.

__________________________________________________________________________

 

5. Many governments issue bonds to solve their financial problems and to cover budget deficits.

__________________________________________________________________________

__________________________________________________________________________

 

6. Volumes of issuance have been rather high, though fewer bonds have appeared from emerging markets of Eastern Europe.

__________________________________________________________________________

__________________________________________________________________________

 

7. Investors are still viewing borrowers in emerging markets too risky, I suppose.

__________________________________________________________________________

 

8. Borrowers are finding it much harder and more expensive to raise sufficient funds on the international debt market.

__________________________________________________________________________

__________________________________________________________________________

 

9. Some are thinking of Euro-denominated bond issues as the bond markets are moving away from the dollar in favour of the Euro.

__________________________________________________________________________

__________________________________________________________________________

 

10. We are entering a new and turbulent phase in the debt markets. Many people believe that the worst is yet to come.

__________________________________________________________________________

__________________________________________________________________________

 

Exercise 16. Read the article below quickly to pick out the main economic indicators. Then study the vocabulary given after it.

 

It was only Brazil that ran up the white flag last week when it halted the defense of its currency on the world foreign exchanges. The defeat of Brazil was also a defeat for the International Monetary Fund, the Group of Seven and the ill-conceived set of policy recommendations which have ensured that a problem in South-East Asia has the potential to turn into a full-scale global crisis.

The orthodox approach insisted on by the IMF in country after country has proved a disaster. If it were a private firm, the IMF’s board would have been sacked long ago.

There will doubtless be those who will say that there is no reason to reassess the policies which underpin the free market-deflation, austerity, high interest rates, privatization and capital liberalization.

But last week’s events are a crushing blow to that orthodox approach. Their analysis of the crisis has been wrong from the start, and they have not the first idea of what to do now, apart from more of the same.

The IMF has a banker’s mentality. It deals with central banks and thinks of itself as a central bank. It is secretive, lacks transparency and has a fixation with narrowly defined indicators. The IMF’s obsession with budget deficits, curbing inflation financial liberalization has engendered a damaging short-termism that has held back long-term development.

Reducing budget deficits through public-spending cuts while simultaneously freeing up domestic capital markets has simply had the effect of raising debt-servicing costs, thereby crowding out investment in health and education.

There have been signs during the last 18 months of a growing fissure between the IMF’s thinking and that of its sister organization – the World Bank. The bank’s report on the Asian crisis concludes that insistence on pushing up interest rates was a crucial blunder that worsened the situation, and that it would have been better to have let currencies fall and keep interest rates low in order to keep economies moving forward.

 

VOCABULARY

 

To run up the white flag        выбросить белый флаг

To halt                               остановить

Disaster                                  бедствие

Deflation                               дефляция

Austerity                                строгая экономия

Fissure                                   трещина

 

Exercise 17. Choose the correct explanation without using a glossary.

 

1. “to stop, especially temporarily” is …

a) to go forward

b) to halt

c) to hammer

d) to walk back

 

2. “any happening that causes great harm or damage; serious or sudden misfortune” is …

a) disaster

b) discomfort

c) disarray

d) obsession

 

3. “tightened economy, as because of shortages of consumer goods” is …

a) austerity

b) augmentation

c) misfortune

d) disregard

 

4. “a long, narrow, deep cleft or crack” is …

a) crushing

b) hole

c) fissure

d) fixation

 

5. “the act of gaining victory; frustration” is …

a) defeat

b) deficiency

c) defiance

d) defense

 

6. “…a sudden attack or forcible effort” is …

a) flow

b) crushing

c) defeat

d) blow

 

7. “the quality or state of being distinctly seen; the capability of being seen through; the quality of being easily recognized, obvious” is …

a) transparency

b) clearness

c) disaster

d) invisibility

 

8. “such a persistent idea, desire, emotion, etc., esp. one that cannot be gotten rid of by reasoning” is …

a) recession

b) obsession

c) conception

d) conclusion

 

9. “to lessen in any way, as in size, weight, amount, value, price etc. “is …

a) to reduce

b) to seduce

c) to harden

d) to worsen

10. “to bring to a close; to end; to finish” is …

a) to conclude

b) to exclude

c) to lessen

d) to fasten

 

Exercise 18. Reread the article of exercise 16 more carefully and complete the sentences given below using information from the article:

 

1. It was only Brazil that ran up the white flag last week when __________

_______________________________________________________________________ .

 

2. The defeat of Brazil was also a defeat for the International Monetary Fund, the Group of Seven and the ill-conceived set of policy recommendations which have ensured that ____________________________________________________

________________________________________________________________________ .

 

3. The orthodox approach insisted on by the IMF in country after country has proved___________________________________________________________________

________________________________________________________________________ .

 

4. There will doubtless be those who will say that there is no reason to reassess the policies which ___________________________________________________

________________________________________________________________________ .

 

5. But last week’s events are a crushing blow to ___________________________

________________________________________________________________________ .

 

6. The IMF deals with central banks and thinks of itself as __________________

________________________________________________________________________ .

 

7. The IMF’s obsession with budget deficits, curbing inflation financial liberalization has engendered a damaging short-termism that has held back

______________________________________________________________________________

___________________________________________________________________________.

 

8. Reducing budget deficits through public-spending cuts while simultaneously freeing up domestic capital markets has simply had the effect of ____________________________________________________________________________

_______________________________________________________________________ .

 

9. There have been signs during the last 18 months of a growing fissure between ______________________________________________________________________

________________________________________________________________________ .

10. The bank’s report on the Asian crisis concludes that ____________________

__________________________________________________________________________

________________________________________________________________________ .

 

Exercise 19. Single out the main facts of the article of exercise 16 and present them in a short review.

 

Exercise 20. Listen and retell the text. Write down 3-5 questions about the text. Say what you have learnt about the debt market in India.

The door is slowly opening on India’s debt markets. Foreign investors can now invest 100 % of their Indian portfolio in corporate debt as against the 30 % allowed previously. The market itself is booming in long-term debt worth Rs55 billion ($1.54 billion) raised by Indian corporates in the past few months and fixed-income returns overtaking those of equities, the market is ripe for reform.

The driving force of India’s debt market reforms is the need to raise capital of infrastructure projects. India needs about $300 billion the next ten years for infrastructure alone. Only half of this can be raised from the commercial banks, the equity market, the government and multilateral agencies like the World Bank. The other half must come from its domestic debt markets. But the Indian debt market is too small to meet this requirement at the moment.

So the market is moving in the right direction and bonds – not shares – are the hottest selling investments in India today. In the past, equity markets overshadowed debt markets in both size and returns. While India’s total stock market capitalization is still equal to $138.6 billion, analysts say that investors are increasingly choosing bonds for equity.

In spite of the government’s efforts, two major obstacles remain. The government bond market is still closed for investment banks. The other problem is liquidity.

Besides, secondary market trading in debt is limited in government securities and is done mainly on the wholesale debt market of the National Stock Exchange. Allowing market-making in government securities is the key to creating an active secondary debt market in India.

Having this in mind the Reserve Bank of India– the Indian central bank – set up a system of primary dealers or market markers in government securities. But for debt trading to be successful, several structural changes need to be put in place, including setting up a depository and establishing a REPO market.

 

Exercise 21. Translate the article into English. Pay attention to the use of tenses.

 

ЦБ опять весь в долларах

На минувшей неделе с возвращением ЦБ на валютном рынке установилось вынужденное спокойствие. Нацелившись на отметку 30 руб./$, «медведи» разогнались настолько, что чуть было не пропустили новый уровень поддержки ЦБ. Теперь он составляет 30,38 руб./$. На новом уровне Банк России активно покупает доллары, только за два дня он приобрел почти $700 млн. И не потому, что ему потребовалось срочно восстанавливать золотовалютные резервы. (На последнюю отчетную дату, 13 июня, они снизились на те же $700 млн., до $63,6 млрд.) Он довольно жестко отслеживает укрепление рубля относительно корзины валют. А в последнее время на мировом рынке доллар вновь начал поднимать голову. За последнюю неделю относительно евро он укрепился почти на 2%, поднявшись до уровня $1,163 за евро. Вот и вынужден российский ЦБ покупать доллары, чтобы избегать излишнего утяжеления рубля. Участники рынка терпеливо ждут очередного снижения планки и, вероятно, дождутся. Западные же дилеры веселят окружающих спекуляциями на тему «снизит или не снизит ставки ФРС». От этих ставок во многом зависит благополучие американской экономики. Российская же экономика зависит от цен на нефть. А последнюю неделю стали оправдываться пессимистичные прогнозы. За этот период котировки российской Urals потеряли более 10% и теперь находятся в районе отметки $23,5 за баррель.

Между тем при таких уровнях цен беспокойства можно не испытывать, по крайней мере в июне. И заодно подсчитать результаты работы в мае. Последние данные по промышленному производству в России превзошли даже самые смелые прогнозы аналитиков: в мае производство выросло на 8,5% по отношению к аналогичному периоду прошлого года. Правда, к апрелю этого года оно упало на 0,4%, но это легко объяснить крайне высокими результатами в предыдущем месяце. Одновременно порадовал и министр экономического развития Герман Греф. По его данным, за первые 5 месяцев ВВП страны вырос на 7,1%. Так что президентское удвоение ВВП можно провести гораздо быстрее, чем за отведенные на это десять лет.

Растет ударными темпами и российский фондовый рынок. И вот уже впереди замаячила отметка в 500 пунктов индекса РТС. Но будет ли она взята в ближайшие дни или это отложится до осени? Пока вопрос остается открытым.

 

«Коммерсант ДЕНЬГИ», 23–29 июня 2003

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

__________________________________________________________________________

 

 

LESSON 4

 

⇐ Предыдущая12345678910Следующая ⇒

Поделиться: