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Local Rates Outperform Following Strong OFZ Auctions

RUSSIA
  • Local rates mostly unch at the open, but slight bid in 10Y (-2.0bp) to follow on from an interesting bull flattening into the back end of yesterday's session.
  • 5Y-15Y tenors all traded -4 to -7bp lower following firm demand for bonds at auction.
  • USD bonds diverged, drifting +4.1 to +5bp higher at the back end, but opened lower this morning.
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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