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Local Bonds Retain Friday's Positive Momentum, Despite Sanctions Threats

RUSSIA
  • Local & USD rates open weaker on the back of US sanctions threats at the start of the week, reversing gains made on Friday.
  • On Friday both curves closed firmly on the front foot, with locals bull steepening -5-6bp and USD bonds moving -2.3-2.8bp lower across the curve.
  • W/w Local bonds maintained their bear flattening bias while USD bonds registered a slight bull flattening.
  • Downside momentum in risk premia stalled out somewhat last week, with the 5Y CDS lifting 3.09bp.
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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