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OFZ Curve Holds Onto Gains W/W as Geopolitical Risks Simmer

RUSSIA
  • OFZ trade mixed to weaker this morning as positive risk sentiment fades in line with softer US equity futures.
  • OFZ yields fell -7-13bp in 5 & 15Y yields yesterday, while USD bond yields dipped -13.7-35.1bp with the curve bull flattening.
  • Both curves stand lower across the breadth w/w with OFZs holding onto -17-21bp in bull flattening gains in 15-25Y tenors.
  • Credit default swaps have fallen -27.54bp since Monday and remain pegged around the 200 handle (up +75bp YTD).
  • 3x6 FRA-Mosprime spreads have narrowed on the back of RUB strength – now holding around +116.5bp.
  • OFZ Curve w/w


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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