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OFZs Trim Losses as Troops Return to Bases, 5Y CDS Plummets

RUSSIA
  • Local & USD rates trade firmer this morning on the back of comments suggesting Russian troops will be returning to their bases after completing military drills.
  • OFZ yields trade -4-7bp lower this morning and should gain some bullish traction, having risen +27-39bp in yesterday’s risk-off session with 5-10Y yields most offered on the day.
  • Credit default swaps have nosedived -17bp this morning after rising +30bp in yesterday’s session, having trimmed gains from +54bp up earlier in the day.
  • This is still 50bp above the prior lows at 180 on Feb 10.
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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