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Large Bund downside

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  • Local stocks remain unchanged at the open, while USD bonds see some early bull steepening with 2Y yields -1.5bp.
  • Russian bonds were better bid in yesterday's session with local bonds outperforming their USD equivalents.
  • The local curve pivoted lower in the front-belly with 3-5Y yields -5-6bp lower.
  • W/w Local bonds trade lower across the breadth with 3-5Y yields now -10bp lower on week.
  • Russia 5Y CDS Pared most of Monday's move higher, but needs to move through 87.00 support to unlock a move back to the 85-86 zone.