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(Z1) Erodes Support


Off Lows


(Z1) Remains Heavy


Indian Issuance Plan Looms


(Z1) Trend Conditions Remains Bearish

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EM bonds mostly firmer across the space owing to improved risk appetite post-FOMC. Turkish Bonds leading the pack with both local & USD bonds in the green, followed by SAGBs – also seeing good demand in duration.

  • SA: Local curve trade bull flatter on the day: 10Y -3.8bp, 15Y -4.9bp, 30Y -5.3bp. 30Y eyeing 10.50 support to the downside while the 10Y still teeters on 9.20 support. Sentiment slowly returning to SAGBs after the rioting-induced rout.
  • TURKEY: Turkish bonds seen outperforming today with local bonds firmer across the curve but outperforming in the belly: 3Y -7bp, 10Y -10bp. USD bonds snap muted trading conditions of the past few sessions, also gaining across the curve but notably in 3Y & 10Y yields (-5.8bp & -4.4bp)
  • RUSSIA: Local bonds also firmer today with a slight bull flattening bias: 30Y -3bp while the remainder is 0-1bp lower. 10Y yields seem to have stalled somewhat around 6.80. USD bonds little changed but marginally firmer.