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CEMEA Rates Snapshot: SAGBs Lead the Pack, Russia Lags

EMERGING MARKETS

Mixed trading is the order of the day today, with SA outperforming and Turkey and Russia locals underperforming their hard currency equivalents.


  • SA: Local curve seen bull flattening -6-8.3bp, with duration outperforming. 10Y yields stalling somewhat around 9.05.
  • Turkey: Local curve trades bear flatter on the day with 3-5Y yields most offered at +4-6bp.
    • By contrast, the USD curve is mostly in the green across the breadth with gains concentrated in 5-10Y tenors.
  • Russia: Local bonds the notable underperformer in the region, maintaining their bear flattening bias: 2Y +4bp, 3Y +3bp, 5Y +6bp – possibly pricing in a more hawkish CBR this week.
    • USD bonds trading little changed to slightly firmer across the breadth: 5Y -2.3bp.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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