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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
- Local & USD rates remain offered this morning with yields up +8-14bp in OFZs & 16-43bp in USD bonds as concerns over a potential war in Ukraine dent sentiment following signs of collapsing talks on Friday.
- This was supplemented by a notably hawkish CBR guiding towards additional hikes in the pipeline to counter overheating risks – sending 2-3Y OFZ yields +36-49bp higher on the day.
- Credit default swaps surged back to prior highs as war risk premia were repriced back into Russian assets on Friday after falling -78bp as talks allowed tensions to simmer from 25 Jan -10 Feb.
- CDS volatility is notably high due to the full deployment of Russian troops in Belarus during ongoing drills until 20 Feb, after which Putin has promised they will return to Russia.
OFZ Curve w/w
5Y CDS
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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