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CEEMEA Rates Snapshot: Turkey, SA Outperform, Russia & Hungary The Laggards

EMERGING MARKETS
  • Mixed across the board, with Turkey the clear outperformer - followed by SA. Russia & Hungary the laggards.
  • TURKEY:USD yields outperforming across the breadth of the curve. Front and belly leading the push lower -7bp to -10.9bp. Local curve 5Y & 7Y -10bp to -11bp.
  • SA: Curve flattening from both ends as rate cut expectations price themselves out. 2Y +6.4bp, 30Y -7.9bp.
  • RUSSIA: Losses across both curves. USD curve bear steepening, 15Y +3.5bp & 30Y +3.7bp.
  • POLAND: Mostly unch except for some bids in the belly 5Y -1.2bp, 10Y -2.2bp.
  • HUNGARY: Losses across the curve as AKK continues with above announced auction sizes. 5Y +2.2bp, 7Y + 3.9bp
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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