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CEMEA Rates Snapshot: SAGBs Firm, Russia & Turkey Offered

EMERGING MARKETS

SAGBs diverging the trend of EM FI weakness across the board, benefitting from the miss in US payrolls. Russia & Turkey slower to react, still trading in the red.


  • SA: Local curve seen bull flattening and gaining momentum: 2Y +4.6bp, 10Y -2.2bp, 15Y -4.2bp & 30Y -4.5bp
  • TURKEY: Local curve pivoting higher in the belly: 7Y +22bp, 10Y +4bp, while the USD curve mirrors selling pressure in the belly: +4.7-4.8bp in the 5-7Y portion of the curve.
  • RUSSIA: Local curve seeing a notable sell off, bear flattening from the front end. 2-5Y section of the curve +5-9bp higher. USD Bonds muted to little changed across the breadth.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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