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- Local & USD rates trade little changed around the open amid weaker risk sentiment out of APAC this morning.
- Russian bonds traded mostly subdued, but marginally firmer in yesterday's session.
- USD bonds saw1 a slight bull steepening effect, with 2Y yields dipping -1.5bp while local bonds gained -2bp in the 5Y tenor.
- Similar to EM peers Turkey & SA Russia's 5Y CDS lifted +4.054bp in yesterday's session, testing 90 resistance and snapping last week's downtrend.