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OFZs Set for Second Consecutive Week of Bull Steepening Gains

RUSSIA
  • Local & USD rates trade little changed around the open, having slipped into the red in yesterday’s session on the back of Wednesday’s firmer weekly CPI print and hawkish promises from the CBR to tame de-anchored expectations.
  • Yields rose +3-5bp across the curve with 2 & 10Y tenors most offered at +5bp.
  • W/w we see the OFZ curve headed for a second consecutive bull steepening with 1-5Y yields -9-14bp lower on week, while 15-30Y yields stand 3-5bp higher.
  • The 5Y CDS has eked out a marginal decline since Monday, although there has been no material decline in tensions outside of agreeing to a Biden-Putin meeting.
  • A move below 110 support opens up 100 to the downside.
  • 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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