RUSSIAN SECURITY FORCE

摘要

To hungry investors, russian government local currency bonds look mighty compelling. Yields on ten-year OFZs, as Kremlin treasury obligations are known, hover around 8 percent, a richer return than Spanish or Italian debt from a borrower with a much less troubled balance sheet.The payment currency, Russia's ruble, has its ups and downs but has been on a tear lately, gaining more than 5 percent against the U. S. dollar in the past three months. Still, the hassles of investing in a Russian-registered security have largely kept international capital out of the domestic bond market. Russian law doesn't allow for nominal shareholdings by foreigners;