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CEEMEA Rates Snapshot: Majority Bullish - SA Leads,  Hungary & Turkey USD's Lagging

  • Mixed to bullish outlook today with the exception of Hungary locals and Turkey USD rates. High-beta doing well with SA leading the charge.
  • SA: Bull flattener pulling back marginally after plumbing roughly 9bp lower in 30Y yields. 10y now -7bp, 30Y -7.9bp.
  • TURKEY: Local curve lower in the belly, 5Y -6bp & 10Y -5bp. USD curve diverging higher across the curve with the 2Y & 10Y most offered +6.9bp & +4.4bp respectively
  • RUSSIA: Local & USD curves lower, USD curve outperforming in the front/belly. 3Y -5.1bp, 5Y -4.1bp & 30Y -2.4bp
  • HUNGARY: local rates continue to be out of favour on extensive AKK supply. 5Y +3.8bp, 10Y +5.2bp & 15Y +3.4bp
  • POLAND: Front and belly leading the way lower, 2Y & 7Y both -1.3bp
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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