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CEEMEA Rates Better Bid: Turkey & SA Lead, Russia Locals Lagging

EMERGING MARKETS
  • Overall, EM FI better bid across the spectrum as DM yields pull back slightly following the ECB. Turkey & SA the key outperformers while Russia locals lag behind.
  • TURKEY: Local curve flattening from both ends: front higher, back lower. USD curve seeing robust buying interest 15-24bp lower across the breadth with 5Y & 7Y most bid
  • SA: Curve bull flattening with the 10Y outperforming -17.9bp, 15Y -10.7bp, 30Y -11.4bp.
  • RUSSIA: Local curve lagging the EM strengthening trend with OFZ sanctions risks tempering inflows. USD curve is bull flattening somewhat, but markets a bit more standoffish relative to TRY & ZAR bonds.
  • HUNGARY: Local bonds seeing some buying interest during the ECB with gains across the curve but mostly bull flattening. 10Y -10.1bp, 15Y -15.8bp, 20Y -16.2bp
  • POLAND: Curve flattening from both ends: front up, back down with duration better bid at -5.6bp in the 10Y.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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