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  • Local & USD rates trade mixed around the open with a slight bull steepening bias in both curves after Friday's broadly weaker session.
  • Russian rates have come under renewed pressure as a result of US threats of debt sanctions with the local curve rising +7-12bp on week as the news broke.
  • Weakness was concentrated in 7-10Y tenors of the OFZ curve – which rose +6bp in Friday's session.
  • 10Y yields stand marginally below YTD highs at 7.34, but will need to move through 7.30 to take the next leg higher.
  • Russia's 5Y CDS rose +1.67bp on Friday for a weekly gain of +9.61bp but held below 87.00.