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CEMEA RATES SNAPSHOT: SA Bonds Lead, Geopolitical Risks Dent RUB Sentiment

RUSSIA
  • SA local rates outperform as yesterday's positive auction momentum spills over into today's session. Turkey & Russia lag the trend, with Russian locals offered across the curve as geopolitical risks escalate.
  • SA: Local curve bull flattening as a quiet local scene provides safe haven from more acute issues in Russia & Turkey.
    • 2Y -1.8bp, 10Y -14bp, 15Y -14.4bp & 30Y -14.5bp. 5Y CDS flat on the day, -4.87% w/w.
  • TURKEY: Local & USD curve erase early gains as Erdogan re-confirms his pressure on the CBRT to cut rates.
    • Local yields flat to marginally higher in the belly. USD curve more offered, roughly 1.2-3.4bp higher, but nothing major. 5Y CDS 0.88% higher on the day, -7.43% w/w.
  • RUSSIA: Local curve continues to sell off as military risks on the Ukraine border escalate, trading 4-12bp higher – losses concentrated in 7-10Y part of the curve.
    • USD bonds weathering the storm a bit better, but still 3.5-4.9bp higher across the breadth. 5Y CDS +2.16% on the day, +6.24% w/w.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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