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CEEMEA Rates Snapshot: Yields Drift Higher, Russia & Hungary Most Offered

EMERGING MARKETS
  • SUMMARY: Rates mostly offered across the space, Hungary and Russia suffering the largest outflows.
  • RUSSIA: Local curve continues to be the source of extensive selling, concentrated in the middle and back end of the curve. USD bonds also selling off across the curve, but duration most affected 30Y + 4.1bp
  • SA: Mixed sentiment with the front and middle lifting +3.4bp, while the back end is less than 1bp lower. 10Y holding back above 8.50.
  • TURKEY: Local yields underperforming, with the majority of the curve +3bp higher. USD bonds mixed, but little changed: 2Y -2.2bp, 15Y +1.4bp
  • HUNGARY: Selling pressure persists in Hungarian bonds, breadth of the curve up +7 to +10.8bp in near steepening action.
  • POLAND: Similar to Hungary, offered across the curve and bull steepening but not as pronounced. 7Y +2.9bp, 10Y +3.1bp
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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