By Chris Vellacott
LONDON Mon Dec 22, 2014 5:26am EST
LONDON Dec 22 (Reuters) - Emerging market stocks jumped on Monday following a buoyant session in Asia, while Russia's dollar-denominated index surged as investors cheered a rebound in the oil price and a debt payment by Rosneft.
The MSCI emerging stocks benchmark was trading up more than 1 percent at a 10-day high following a 1.25 percent gain for the Asia excluding Japan index.
In Russia, the RTS index of dollar-denominated shares surged over 4 percent, as Brent crude started the week with a 2 percent gain, trading comfortably above the $62 per barrel level.
Russia's top oil company Rosneft was up over 2.5 percent after announcing it had repaid around $7 billion as part of a bridge loan that matured on Sunday.
The loan is part of a larger $12.7 billion, two-year loan signed in December 2012 with a syndicate of international banks that backed Rosneft's acquisition of oil rival TNK-BP.
Other Russian assets also rallied, with the rouble 2 percent stronger against the dollar. Russian dollar bond yield spreads - the premium investors demand to hold bonds over safe-haven U.S. Treasuries - narrowed 17 basis points to 529 bps.
Spreads had reached 700 bps last week as the country teetered on the edge of a currency crisis.
"Everybody is basically happy to get the year behind them," said Simon Quijano-Evans, analyst at Commerzbank. "A very positive development is the calming of the rouble and the central bank seems to be on top of things again. However, this is not done and dusted and we could see a challenging January."
Meanwhile, Ukrainian dollar bonds were trading lower, with a bond maturing in 2017 off by 1 cent to 70.5 cents in the dollar.
Late on Friday, ratings agency Standard & Poor's cut Ukraine's credit rating to "CCC-" saying it was worried about a default after the IMF delayed the next tranche of money from its bailout package set up earlier in the year.
Central European assets were also rebounding on Monday having come under pressure last week as market turmoil in Russia rippled out to near neighbours.
Poland's Zloty was 0.4 percent higher against the dollar, easing back from 15 month lows reached on Friday. Warsaw shares were also higher.
In the Middle East, Saudi Arabia's stock market fell 0.4 percent, breaking two days of big advances, blamed by analysts on profit taking. However, a stabilising oil price buoyed petrochemical stocks such as Saudi Kayan, which gained 7 percent.
Nigeria's currency, the naira, was also steady below its recent long-term low.
For GRAPHIC on emerging market FX performance 2014, see link.reuters.com/jus35t
For GRAPHIC on MSCI emerging index performance 2014, see link.reuters.com/weh36s
For GRAPHIC on MSCI emerging Europe performance 2014, see link.reuters.com/jun28s
For GRAPHIC on MSCI frontier index performance 2014, see link.reuters.com/zyh97s
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see ) (Editing by Toby Chopra)
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