JPMorgan strategists are advising clients to pick up some beaten-down Russian assets on the cheap, touting the bonds of Russian companies with significant international operations as the best way to profit from distressed pricing.
Russian bond prices have fallen to record lows since Moscow invaded Ukraine as investors fret over their ability to pay as a result of coordinated Western sanctions. The United States has led the sanctions to limit the flow of Western money and damage Russia's economy, while Ukraine has called for the boycott of Russian energy exports.
Russia's hard-currency sovereign bonds mostly traded well above par until mid-February, as investors shrugged off Moscow's troop build-up on Ukraine's border and U.S. warnings that an invasion was imminent. The decline since has been rapid, with longer-dated issues now indicated at around 20 cents in the dollar, although trading has all but ground to a halt.
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