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OFZs Resume Bear Flattening as Inflation Maintains Pace in Weekly Metrics

RUSSIA
  • Local & USD bonds trade little changed around the open, having ended last week broadly on the back foot following a resumption in upside pressure in weekly CPI readings.
  • W/w the OFZ curve continued to bear flatten with 1-7Y yields rising +19-29bp. Meanwhile, USD bonds remained little changed on week.
  • PPI will be key to monitor this week, with expectations aligning for a higher print in October.
  • Geopolitical uncertainty continues to pressure the 5Y CDS higher with rumblings over a potential invasion next year drawing concern from the market.
  • 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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