Russia’s Conflict Resolution Supports the SUN Market. The benchmark series of Government Bonds (SUN) recorded a yield decrease of between 2.2 bps to 4.6 bps yesterday. Market participants took selective buying, amid the resolution of the conflict between Russia and Ukraine. Yesterday’s positive sentiment was also supported by a sharp decline in global oil prices after the United Arab Emirates supported an increase in production. On the other hand, investors are still watching the impact of Fitch’s cut in Russia’s rating on the Indonesian bond market. Earlier in the week, Fitch downgraded Russia’s bond rating from ‘B’ to ‘C’.

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