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OFZs Outperform, Despite Risk-Off Conditions, 3x6 FRA-Mosprime Spreads Narrow

RUSSIA
  • Local & USD rates seen unchanged so far this morning, having continued to gain downside momentum in yesterday's session.
  • OFZ's outperformed amid mixed risk sentiment with 5-10Y yields dipping -7-9bp on the day.
  • 10Y yields fell just a fraction short of July's swing lows at 6.8252, but may put pressure on this level and subsequent lower levels if PPI & weekly CPI data adds weight to tentative signs of a moderation in inflationary pressures.
  • Interestingly 3x6 FRA-Mosprime spreads have narrowed substantially since 12 Aug, down to +28bp from +54.5.

  • 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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