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OFZs Firm Ahead of Weekly CPI, Auctions

RUSSIA
  • Local & USD rates trade little changed around the open, having closed yesterday’s session broadly mixed to firmer. USD bonds bull flattened with 7 & 15Y yields falling -6.3-7.5bp.
  • Weekly CPI data will be monitored closely this afternoon for signs of sustained proinflationary pressures following two successive weeks of high w/w prints.
  • 10Y yields continue to trade around 8.30 support (02 Nov high), with a consolidated break of the level opening up the 8.00-7.95 zone to the downside.
  • The 5Y CDS is trading choppily around Biden-Putin meeting developments and posturing with NATO after Putin reiterated Russia’s red lines yesterday and neither side looks set to step back from their positions just yet.
  • OFZ 10Y


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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