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OFZ Curve Gains W/W, Markets Trim CBR Rates Hike Bets

RUSSIA
  • Local & USD rates trade mixed around the open, with USD bonds trading slightly in the red after ending little changed on Friday, despite broad risk aversion in the EM FI space.
  • W/w the OFZ curve closed firmer across the breadth with a bull flattening bias as geopolitical risks simmered and markets reduced rate hike expectations on Omicron variant risks.
  • 8-25Y yields fell -15-17bp w/w with he 10Y leading the way lower.
  • 3x6 FRA-Mosprime spreads have narrowed -64bp from their peak last Monday at +178bp, now standing around +113bp.
  • OFZ Curve w/w Change


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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