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PORTUGAL AUCTION RESULTS

12-month BT

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  • RUB remains the worst performing currency in the CEMEA region, trading -0.81% vs the USD, hit by both upside pressure in the BBDXY and OPEC+ induced downside in oil markets.
  • Russian bonds, however, trade little changed with a marginal bear steepening bias
  • Turkish bonds are the notable underperformer in the region, with local bonds bear flattening (2Y +17bp), while USD equivalents hold 5.4bp higher in 2-5Y yields
  • SAGBs bear steepening, with 30Y yields leading the way higher (+6.1bp on the day)