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Local Bonds Bear Flatten as Markets Bet on Hawkish CBR

RUSSIA
  • Local & USD rates trade mixed around the open amid tentative risk sentiment out of APAC this morning.
  • Local bonds continued to see bear flattening pressure last week as weekly CPI data points to sustained upside momentum in price pressures in June.
  • 1-3Y tenors were most offered, trading +10-18bp higher w/w. Meanwhile, USD bonds diverged at the front end with 1Y yield dipping -10bp while the remainder of the curve remained mostly flat on week.
  • 3x6 RUB FRA-Mosprime spreads notched sharply higher last week (+43bp) from 82 to 125bp to reflects escalated tightening risks from the CBR in response to expectations

  • 3x6 RUB FRA-Mosprime Spread


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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