Russian bonds gained, pushing the yield to the lowest level in three weeks, as oil prices recovered and investors bet the central bank will have room to resume interest-rate cuts in 2016. The ruble trimmed its weekly appreciation, Bloomberg reported. Yields on five-year government notes, known as OFZs, fell three basis points to 10.07% in Moscow, bringing the drop this week to eight basis points, the most since the period ended Nov. 20. The ruble, which weakened on Friday, is up 0.4% over five days. Brent crude, used to price Russia’s main export blend, climbed the most since October this week.
