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Local Rates Bear Flatten, 2Y Pressures 6.20 Level

RUSSIA
  • Local & USD rates little changed to marginally softer at the open, following on from a weaker session yesterday.
  • Local rates bear flattened +3-4bp in 2-3Y yields while the rest of the curve drifted +2bp higher. USD rates remained subdued, little changed on the day.
  • 2Y yields made two attempts at moving above 6.20 resistance before closing below at 6.1795.
  • RUB60bn on offer in today's 2025 & 2031 OFZ auctions.
  • 5Y CDS eased 2.592bp lower in yesterday's session, now trading below 95.00.

Events/Data:

  • Putin to meetin with United Russia leadership today to discuss the upcoming elections
  • OFZ auctions: RUB 40.2bn July 2025 fixed-coupon, RUB 20bn March 2031 ficed-coupon
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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