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Two Ways: Russia Seeks to Raise $18 Billion


Strengthen your portfolio in good times and bad.

Russia Looking for $18 Billion

Russia is looking to raise $18 billion in dollar-denominated securities in the first quarter of 2010 after the cost of borrowing for emerging market sovereign issuers fell sharply in recent months. According to the Financial Times, it's the country's first international bond in almost a decade with the last issuance targeted to global investors occurring in 2000. Spreads between emerging market sovereign bonds and US treasuries have narrowed to 290 basis points after widening to as much as 700 bp last March.

This year the country had its first budget deficit since 1999 and may look to issue about $60 bln in international bonds within the next three years. But that figure may be lower should crude oil prices rise.

For more on crude oil, see Professor Ron Coby's Rising Oil prices May be the Forerunner to War.

From the Bull Pen: The key thing to recognize in this headline is that the entire world is trying to issue bonds right now, a belief that rates in the future will rise. Notice the breakout in crude last week. For oil exposure, consider Suncor Energy (SU); a sell stop can be set below 36.50.

From the Bear Cave: Bears can look to retail stocks. Taking a technical look at Sears Holdings (SHLD), we see the stock has filled its downside gap at $72 and failed. Those playing it can set a tight buy stop above that level.

A Quick Check Around the World

Asian trading closed with the Nikkei -0.21%, India 0.02%, Hang Seng 1.23%, Shanghai 2.07%, and Taiwan 0.47%.

Across the pond, we see the FTSE 0.55%, CAC 1.12%, DAX 1.23%

As of 8:00 a.m. EST, S&P Futures are trading +6.75 to 1088.75 and Nasdaq futures are +10.75 to 1742.25.

A Look at Commodities

Over in commodities, crude oil is -0.27 to 78.75 while gold is +4.30 to 1055.80 this morning. Silver is +0.11 to 17.530 and copper +0.022 to 2.8675.

The dollar index is -0.1300 to 75.4500.

On the Radar

No economic events on the radar today but click here for the full trading radar.

Welcome back, Minyans. Good luck today!

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No positions in stocks mentioned.

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