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OFZs Slip after Weekly CPI Figures Disappoint

RUSSIA
  • Local rates open on the weaker side this morning, rising +3-7bp across the curve on the back of yesterday's upside print in weekly CPI at 0.18% vs 0.09% prior – squashing preemptive hopes for a near-term moderation in CPI.
  • 3x6 FRA-Mosprime spreads widened following the print, ticking up to +130bp – buoyed by hawkish comments from the MPC throughout the day.
  • W/w the OFZ curve stands higher across the breadth with weakness concentrated in 5-10Y yields (+24-30bp).
  • 5Y CDS dropped off yesterday after making a slightly higher high - pulling back below the 100 handle.
  • 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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