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. Last Updated: 07/27/2016

Russian Bonds Return the Most

Russian bonds are returning more than any other debt in Europe as increasing oil prices spur growth.

Ruble-denominated government debt has gained 4.8 percent since Jan. 1, beating 19 European nations, according to indexes compiled by JPMorgan Chase. Turkey was the next best, returning 3.1 percent. Italy's debt, down 1.1 percent, is the worst-performing in the region. A 7.5 percent gain in the ruble to the highest in almost seven years is stoking demand for Russia's debt.

"The government bond market is a good safe bet and one we shall certainly be buying into,'' said Michael Ganske, head of emerging-market research at Deka Investment GmbH in Frankfurt, which manages about $7.2 billion in developing-nation debt.

Russia will benefit from the rally when it sells 10 billion rubles ($373 million) of 9.5 percent 15-year notes on Sept. 13. Yields have dropped almost a quarter of a percentage point to 6.65 percent since the last sale on June 14.