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OFZs Claw Back Gains At the Start of the Week, Geopolitical Risks Remain Elevated

RUSSIA
  • Local & USD rates open mixed this morning with OFZs paring some of Friday’s sell-off, while USD bond yields trade +4.8-5.5bp higher in 2 & 7Y tenors.
  • OFZ yields stand -14-18bp lower in 7-10Y tenors this morning after the curve shifted +27-40bp higher across the breadth following a deterioration in relations with the West on Friday.
  • W/w the OFZ curve closed +63-76bp higher with a slight bear flattening bias holding.
  • 3x6 FRA-Mosprime spreads rose +81bp to reach +150bp by Friday’s close, while the 5Y CDS rose +54bp.
  • 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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