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Strong Bullish Reversal


Sell-Off Exposes Key Support

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  • SUMMARY: yields mostly higher with the exception of SA locals and Turkish USD bonds. SA the clear outperformer.
  • SA: curve maintains bull flattening bias this week: 10Y -5.7bp, 15Y -10.2bp, 30Y -8.9bp. 10Y has cleared the 8.50 level.
  • TURKEY: Divergence between local and USD bonds. Local curve +10 to +13 bp in the belly. USD curve -5.1bp in 2Y, but remainder of the curve less than 2.2bp lower.
  • RUSSIA: USD and local curves offered on Navalny risks. Local curve most under pressure: 15Y +8.0bp, 7Y +5.0bp
  • HUNGARY: Local curve continues to drift higher. Belly-middle of the curve most offered 5Y +2.4bp, 10Y +3.4bp
  • POLAND: Limited action ahead of NBP, but yields mostly higher. 10Y +2.1bp.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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