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Bonds Gain as Geopolitical Tensions with Ukraine Recede

RUSSIA
  • Local rates open on the front foot, sustaining yesterday's positive momentum following an abrupt de-escalation in Russia-Ukraine tensions.
  • Both USD and local curves saw demand concentrated in duration, bull flattening into the end of the session.
  • Locals pulled -7-9bp lower in the 7-15Y section of the curve, while USDs moved -7.9-8.5bp lower in 5-30Y tenors.
  • W/w USD bonds have outperformed locals, closing 3-10bp lower overall.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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