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CEMEA Rates Snapshot: TurkGB Sustain Bullish Momentum, Russian OFZ Slide

EMERGING MARKETS
  • Turkish bonds continue to trade on the front foot, alongside tentative SAGBs while OFZs move sharply higher across the breadth of the curve.
  • TURKEY: TurkGBs continue to rally this morning, with outperformance concentrated in 3-5Y tenors (-6-7bp lower). Meanwhile, Turkish USD bonds are positioned bull steeper with 2-3Y tenors -1.8-2.3bp lower.
  • SA: SAGBs flipped for early weakness to gains with the curve broadly flattening at both ends. 2Y +2.3bp, 10Y -1.4bp (teetering around 9.20), 15Y -2.7bp, 30Y -3.0bp
  • RUSSIA: Russian bonds are diverging the trend of firmer EM FI today with the breadth of the curve +3-6bp higher with a bear flattening bias that may be resultant of higher weekly CPI in yesterday's session. 2Y +6bp hovering below 6.80.
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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