Templeton’s Hasenstab Sells Russia Bonds, Adds Ukraine - Bloomberg:
"Franklin Templeton sold Russian bonds during the first quarter while adding to its almost $8 billion in Ukrainian debt as conflict between the countries escalated.
The asset manager, whose $190 billion global bond group is managed by Michael Hasenstab, cut holdings of dollar debt from Russia’s government and state-owned companies with a face value of about $29 million during the period, part of a reduction of more than $200 million in Russian securities over six months to $1.2 billion, the company’s latest filings show. Franklin Templeton increased Ukrainian dollar and euro bond holdings by $62 million in the first quarter to $7.6 billion.
As the rising threat of war spurs bond losses on both sides of the border, Hasenstab, known for making contrarian bets on nations including Ireland and Hungary, is favoring Ukraine over Russia after visiting Kiev last month and touting the country’s long-term economic potential. Ukrainian dollar bonds lost an average 8 percent this year as Russian notes dropped 4.4 percent, JPMorgan Chase & Co. indexes show."
'via Blog this'
No comments:
Post a Comment