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Russian Bonds, RUB Sell-Off as Geopolitical Tensions Escalate

RUSSIA
  • Both local & USD rates are under pressure today following remarks from Ryabkov, citing little reason to continue talks as they were at a dead end and threatening military drills in the Black Sea – meaningfully shifting the status quo after weeks of no breakthroughs.
  • OFZs trade +11-27bp higher across the curve with 2, 7 & 10Y tenors most offered. 10Y yields are hovering just short of 9.00 after breaking through the Nov-Dec highs this week. Similarly, USD bonds also stand +23.7-38.1bp higher with a bear flattening bas holding following the remarks.
  • USD/RUB has also taken a leg higher (+1.28%), mobbing above the 75.50 handle despite broad USD weakness. The 5Y CDS has also risen +24.23bp today, surging to a new 21-Month high just shy of 160.
  • Focus will be on Biden’s written remarks to see if the US can salvage bilateral relations with Russia.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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