CEEMEA Rates Snapshot: 10Y Yields Under Pressure, Russia USD Rates Outperforming Marginally

CEEMEA Rates Snapshot

• SUMMARY: 10Y yields selling off across the space in both hard and local FX bonds.
• RUSSIA: USD yields lower across the curve, 5Y -2bp. Local curve mixed to higher, 5Y & 10Y leading the way higher + 7.0bp & 4.0bp in line with broad EM outflows.
• SA: Bear steepener continues with losses across the curve. 10Y +5.3bp, 30Y +4.9bp
• TURKEY: USD yields offered across the curve +2.7 to +5.6bp. Belly of the curve taking the hit in 5Y, 7Y & 10Y tenors. Local curve less affected with the exception of 10Y +9.0bp.
• POLAND: Bear flattening at the front end +1.8bp of the local curve, but 10Y unch.
• HUNGARY: Bear steepening continues with 10Y mirroring broad EM sentiment +9.2bp. 15Y +4.7bp. Front end mostly unch.