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CEEMEA Rates Snapshot: Russia Offered, While Hungary Reverses Lower

EMERGING MARKETS
  • SUMMARY: Yields mostly higher across the space with Russia topping the outflows leaderboard. Hungary bucking the trend with slight bull flattener.
  • RUSSIA: Locals offered across the breadth of the curve, most concentrated in the belly. 5Y +4.0bp, 7Y +6.0bp, 10Y +5.0bp. USD curve slightly bid, with yields less than 1bp lower.
  • SA: Losses across the curve in bear steepener. 10Y most affected +8.1bp, now above 8.50, 15Y +3.2bp, 30Y +3.9bp.
  • TURKEY: Minor outflows across both curves with the exception of the local 7Y +8.0bp, drifting towards 13.00.
  • HUNGARY: Curve bull flattening after a number of weeks of steepening on increased AKK supply. 10Y most notable, -7.4bp, 20Y -5.13bp
  • POLAND: Yields mixed across the curve, but marginally lower overall. 5Y -2.1bp, 10Y -2.1bp.
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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