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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
- Local & USD bonds trade firmer around the open, having turned offered in yesterday's session broadly against the grain in EM.
- 10Y OFZ yields moved +3bp back towards 7.00 resistance but fell short of closing above the level.
- Foreign ownership of OFZs ticked up last week – aligning with the sell-side's constructive view on fundamentals with tentative signs of inflation peaking in recent weeks.
- However, a close above 7.00 would be a bearish technical development for the 10Y OFZ, opening up 7.0844 to the topside, while failure to move higher would likely see price action return to 6.90-6.80.
- Russia's 5Y CDS trades a fraction above the June 30 lows at 82.549, -3.513bp since Monday.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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