The Reaction of Ex-USSR Republics' Sovereign Eurobond Market to US and European Scheduled Macroeconomic News

Complication of financial and economic linkages between countries leads to higher levels of interdependencies and integration of the national economies into the world economy machine. Growth and development of national capital markets comes as a side effect of such an outcome in some sense – in particular, it leads to debt markets growth as private and public economy subjects attract resources for their own development. This paper tries to answer the questions about the extent of national debt markets development and the degree of national economies integration into the world financial system. The research contains top-level analysis of post-soviet national Eurobonds markets as well as detailed analysis of the first and the second moments of the particular financial instruments’ reaction to most important US macroeconomic indicators releases over the 10-years period. Besides, it is estimated how USD/RUB currency ratio reacts to these indicators as well. The results obtained show that most of the post-soviet national debt markets are still emerging and it is impossible to speak about high extent of development in these markets and significant levels of loans volumes. Several Russian Eurobonds and USD/RUB currency ratio react to some global macroeconomic indicators, but this influence is quite limited, however, and any difference in the extent of reaction to good or bad news is practically absent.