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OFZs Bull Flatten Following Cancelled Auctions, CPI Risks Abound

RUSSIA
  • Local & USD rates trade a fraction firmer at the open, having gained back some ground in yesterday's session after Wednesday's OFZ auctions were called off.
  • OFZs closed bull flatter on the day with 7-15Y yields -3-4bp lower in the session, while USD bonds lifted slightly at the front end with 2Y yields +2.2bp.
  • CPI remains the clear focus for rates today with an upside print likely to precipitate more selling and bear flattening pressures as markets anticipate more CBR tightening.
  • 3x6 FRA-Mosprime spreads currently pricing 113bp over a 3-6m horizon which has been mostly stable since 29 October.

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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