Free Trial

Local Bonds Sustain Bear Flattening Momentum W/W

RUSSIA
  • Local & USD rates trade marginally firmer at the open, having traded mixed in yesterday's session.
  • Local bonds gained bull flattening traction somewhat against the grain in EM in what was likely a delayed reaction to the Biden-Putin meeting – moving -3-5bp lower in 7-15Y tenors.
  • By contrast, USD bonds mirrored weaker EM FI sentiment, selling off +2.8-4.3bp across the curve with losses concentrated in the 5Y tenor.
  • W/w the local curve trades bear flatter with 3m-3y tenors +17-20bp higher.
  • USD bonds also trade higher across the breadth but more notably in 5Y & 8Y yields (+4-6bp)
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

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.