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CEEMEA Rates Snapshot: Turkish USD Bonds Outperform, Russian Locals Sag

EMERGING MARKETS

CEEMEA RATES SNAPSHOT

  • Mostly bullish day across the coverage for EM rates, with the exception of Russian local GBs
  • TURKEY: Turkish USD rates the clear outperformer on the day -8.2 to -13.5bp lower across the curve. Most bid in the belly 5Y-10Y, 2s10s narrowing.
  • SA: Bull flattening eased off mid-way through the session, but 10Y remains -2.8bp. 2Y yields holding below 4.50. 5Y CDS 1.95% lower.
  • RUSSIA: Russian USD curve Bid in bull flattener. 30Y outperforming -6.1bp, 15Y -4.6bp. Local curve shunned, +4.0bp in 7Y & 10Y.
  • POLAND: holding onto bull flattening gains despite NBP hold, 10Y -3bp, 5Y -1.1bp.
  • HUNGARY: Bull flattener with 20Y leading the way lower -9.5bp, 10Y -6.8bp
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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