The biggest recovery in emerging-market bonds and currencies has Russian investors poised to sell, even with oil prices bouncing back. The ruble’s 5.7 percent rally last week was surpassed only by Ukraine’s hryvnia while top gains for Russia’s bonds pared this month’s declines as five-year yields tumbled 51 basis points in three days to 11.88 percent. “Pressure on the markets is only rising,” Andres Vallejo, who helps manage the equivalent of $2.6 billion at Kapital Asset Management in Moscow, said by phone on Friday. He’s getting ready to short-sell local bonds known as OFZs if yields fall to 11.25 percent. The investor skepticism underscores doubts the central bank has much more scope to reduce interest rates after 6 percentage points of cuts since January aimed at rescuing Russia from its worst recession since 2009. “It’s unlikely that yields will fall below 11 percent,” Igor Kozak, the head of fixed-income […]