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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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  • Rates mostly quiet to slightly softer across the region ahead of this evening's FOMC meeting with the exception of Russia. OFZs leading the pack with the curve trading -3-4bp lower across the breadth. Implied vols seen falling across the space, alongside marginally lower 5Y CDS for Turkey, SA & Russia.
    SA: Local SAGB curve trades bear steeper on the day, retracing some of the gains from yesterday's session. 10Y yields eyeing 9.30 to the topside & 30Y hovering above 10.60, while the front end remains subdued.
  • TURKEY: Muted trading keeping Turkish bonds little changed on the session. Local bonds trade -1-2bp lower across the curve with 10Y yields pegged below 17 resistance.
  • RUSSIA: OFZs continue to outperform since establishing a firm downtrend at the start of last week. 10 & 15Y yields trading -3-4bp bull flatter with the 10Y approaching 10.80 support.