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Russian Bonds Remain Under Pressure, Geopolitical Risks Elevated

RUSSIA
  • Local & USD bonds remain offered this morning, despite a slight thawing in tensions with the West yesterday.
  • OFZ yields stand +1-2bp higher, while USD bond yields have jumped +23-33bp higher in 5 & 15Y tenors respectively.
  • 10Y OFZs remain above 9.50, having risen ~60bp since the start of the year.
  • Credit default swaps continued to surge yesterday following plans for Russia-Belarus military drills in Feb – which were reiterated this morning.
  • The EU’s rejection of plans to disconnect Russia from SWIFT saw the 5Y CDS recover slightly, but tensions remain elevated.

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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