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OFZ Yields Skyrocket as Uncertainty Builds over Ceasefire violations, Disinformation

RUSSIA
  • OFZ yields trade +29-54bp higher across the curve today as uncertainty over a possible invasion of Ukraine builds on the back of mixed reports of shelling and casualties in various regions of eastern Ukraine.
  • The Kremlin poured cold water on initial reports of a Biden-Putin Summit, saying no concrete plans have been made and the West must say what it plans to achieve before a meeting can be confirmed. Additionally, hopes of a ceasefire have been dampened by the lack of meetings for the trilateral contact group until March.
  • Markets are extremely noisy as Russia reports shelling and attempted border crossings, which could be construed as sufficient to justify military involvement from Russia. Meanwhile, we await the outcome of the full Russian security council meeting for Russia’s next steps (no time indicated).
  • 7-10Y OFZs are most offered, while the 5Y CDS continues to break new highs – now up +42.5bp on the day.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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