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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.
RUSSIA
- Russian OFZ bonds remain firm today, bull flattening -4bp in 7-10Y yields
- 10Y OFZs have made a notable turnaround since 19 July, with yields dipping -35bp in just over a week after peaking around 7.23%.
- Having moved through the April low at 6.92, the next major levels to the downside come in at 6.72 & 6.32.
- Yields have been consolidating in the 7.00-7.35% range since march this year with a slight upwards bias, driven higher by runaway inflation and geopolitical uncertainty surrounding US sanctions, but have appeared to have snapped this trend this week
- The CBR's accelerated hiking cycle (+225bp) has also bolstered real yields/carry in RUB assets, supporting a more attractive outlook at these cheaper valuations.
- An improvement in US-Russia relations could also buoy sentiment in the space, provided strategic tomorrow's stability talks deliver some form of stable foundation for better relations and future communication.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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