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Russian Bonds Remain Under Pressure as Geopolitical Risks Weigh

RUSSIA
  • Local & USD rates open softer at the start of the week with geopolitical uncertainty keeping yields biased higher.
  • OFZ yields trade +2-4bp higher, having ended Friday’s session +6-10bp higher across the curve.
  • W/w, the OFZ curve finished bear flatter with 3m-2Y yields rising 10-35bp, while the 7-30Y section fell -1-6bp on week.
  • Credit default swaps held a choppy 45bp range last week and have returned to the prior highs as the US threatens to deploy troops in the Baltics.
  • PPI data will be a focal point for OFZs – expected to moderate to 28.8% vs 29.2% y/y.
  • 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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