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OFZ Yields Rise Ahead of Biden-Putin Meeting, CPI Data

RUSSIA
  • Local & USD rates trade +1-3bp higher this morning ahead of Putin-Biden talks, having risen +7-11bp in 7-15Y yields in yesterday’s session as rumours of sanctions on SWIFT & RUB transactions emerged on CNN, should Russia attempt to invade Ukraine.
  • 10Y OFZ yields have now pressed back above the 8.50 handle to eye the prior high at 8.61 as the uptrend continues.
  • The Putin-Biden meeting will likely be the key driver of sentiment in Russian assets today, followed by inflation data tomorrow.
  • The 5Y CDS has been falling mostly since last Monday, and may move lower, on signs of a move towards a face-to-face Biden-Putin meeting in Jan 2022.
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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