Market Information Tuesday 29 March 2022

In recent weeks, Russia has seized about 800 foreign aircraft that Russian airlines had leased from mostly Western leasing companies. The action of the Russians has been described as the biggest theft ever in international civil aviation. Russia has detained the aircrafts, had them registered in a national aviation register and henceforth regards them as Russian property. The value of the confiscated
aircraft is estimated at between USD 11 and 13 billion. The fleet of aircraft accounts for approximately 10% of the total portfolio of leasing companies.

Russia’s war against Ukraine has already cost Ukraine USD 564.9 billion, Minister of Economy Yulia Svyrydenko said on Monday. That is the result of destroyed buildings, roads and bridges and less economic growth, among other things. She also said that economic growth had already fallen by USD 112 billion and that there was USD 134 billion less investment in Ukrainian companies. Finally, the budget deficit was already USD 48 billion due to the effects of the ongoing war. The Minister stressed that the amounts continue to rise daily.

On Monday, the Japanese yen fell by more than 2% against the US dollar (USD). There were 125 yen to 1 dollar, with which the rate reached its lowest point since 2015. Later in the day, the Japanese currency made up for some of the decline in value. The yen experienced a decline when the Bank of Japan (BoJ) announced it would buy an unlimited amount of 10-year government bonds. The interest rate had risen to 0.245%, which the Japanese central bank uses as a limit. The currency has been falling for some time now because, unlike other central banks, the Bank of Japan continues to pursue an accommodative monetary policy.

The 6M Euribor increased with 1 basis point to -0.39% compared to previous business day. The 10Y Swap increased with 1 basis point to 1.20% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.