Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
- Local & USD bonds open slightly softer this morning, following on from yesterday's broadly risk-off session with simmering geopolitical risks and words of concern from CBR's Nabiullina on inflation keeping bonds on the backfoot.
- Yields rose +7-11bp in the 5-15Y section of the curve with 7 & 10Y tenors most offered. 10Y yields have pulled back from the 8.00 handle after a smaller weekly CPI print sparked hopes of a moderation in price pressures.
- Focus shifts to tomorrow's print for further signs of deceleration.
- Its worth noting that most sell-side see CPI falling into year end with fruit and veg based inflation historically being temporary in nature with more favourable base effects entering the fray.
- This could see conditions for OFZs improve markedly into 1H22 with the underlying fundamentals still strong and geopolitical risks current a bit exaggerated in terms of Ukraine tensions.
OFZ 10Y
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok