CEEMEA Rates Snapshot: SA Bid, Turkey Still on the Backfoot

CEEMEA RATES SNAPSHOT

Selling momentum persists across the space, with the exception of SA and Hungary outperforming amidst the chaos.

• SA: Curve bull steepening from the front end after selling off aggressively post-budget. Gains seen across the curve, with the exception of the 10Y still marginally in the red, but having retraced most of its losses: 2Y -9.3bp, 10Y +1.6bp, 30Y 6.3bp
• RUSSIA: yields higher across local & USD curves, with locals suffering the most. Local curve bear steepening slightly, while USD curve most offered in the belly.
• TURKEY: Both curves shifting higher, but local curve most affected: 5Y +24bp, 10Y +21bp. USDs seeing mostly symmetrical selling across the curve ~12bp higher.
• POLAND: Front end dipping 2-4bp lower after seeing losses throughout the week. Back end lifting slightly - resulting in a flatter curve.
• HUNGARY: Local rates bid across the curve, most notably at the front end after sustained selling pressure: 3Y -5.0bp, 10Y -2.2bp, 15Y -1.5bp