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Market Snapshot: 5Y CDS Plummets as Investors Acclimate to War Risks

  • Risk aversion eases as markets acclimate to the invasion. Russian forces are closing in on Kyiv and talks is emerging on a possible ceasefire and discussion of deals, including Minsk.
    • Fighting is still ongoing, however, with Ukrainian forces defending the centre and civilians armed to the teeth.
  • Russia’s 5Y CDS has erased yesterday’s move higher, falling -456bp in today’s session.
  • USD/RUB has also fallen -3.79%, trading below yesterday’s lows with spot at 82.19 currently – closing most of the breakout gap.
  • OFZ yields have fallen -229-434bp, retracing a portion of yesterday’s weakness. While USD bond yield are down -613-997bp with the curve bull steepening.
  • Russian stocks have recovered +19-26% with the RTS index leading the MOEX.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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