LONDON, Aug 30 (Reuters) - Russia's sovereign bond maturing 2030 fell more than 1.3 cent in price on Wednesday, a day after Otkritie Bank, which holds a significant proportion of the issue, was taken over by the country's central bank.
The $10.7 billion bond traded at the lowest level since November 2015, according to Tradeweb data.
Otkritie is believed to hold around half of the outstanding amount of the 2030 issue. The central bank on Tuesday announced a rescue of the lender in what was one of the biggest bailouts in its history. It said it would take a minimum 75 percent stake .
Other Russian sovereign bonds were mostly flat on the day but the size of the 2030 issue meant the average Russian sovereign bond yield spread over U.S. Treasuries rose 11 basis points on the day. The broader index was flat.
"The only reasonable explanation is that (Otkritie) are being forced to sell the bonds to get some cash," said Societe Generale strategist Regis Chatellier. "I don't see pressure elsewhere (on the Russian curve)."
Reporting by Sujata Rao; editing by Alexander Winning