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(Z1) Off Lows, But Remains Weak


Still Vulnerable


Bullish Price Sequence

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Local rates catching their breath today after seeing some sustained weakness in the early part of the week. TurkGBs most bid today, followed by SAGBs and Russian OFZs. US treasury yields seen ticking up this morning for a second consecutive session.

  • TURKEY: TurkGBs trade firmer this morning after a number of successively weaker sessions with CBRT concerns weighing on sentiment. The curve stands bull flatter with 5Y yields -8bp & 10Y -12bp – diverging from the USD curve which is positioned +5bp bear steeper in 10-15Y tenors.
  • SA: SAGBs have reversed early weakness to trade slightly in the green (-3.2bp) with the 10Y paring yesterday's weakness after stalling at the 61.8% Fib. Similarly, the 30Y has turned tail around the 38.2% Fib, trading -2bp lower thus far.
  • RUSSIA: OFZs have regained some composure this morning, having traded weaker in the early part of the week. Price action in the 10Y remains choppy above the 7.00 handle, having failed to establish a consolidated move below the level on Tuesday. Sell-side still remains bullish on outright unhedged exposure to the OFZ 10Y.