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(N2) Softer Inside Its Range


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  • Local & USD rates trade a fraction weaker this morning, trimming gains from yesterday’s session as selling pressure faded.
  • W/w CPI also softened to +0.10% from 0.57% the week prior, providing a boost to embattled OFZs.
  • VTB capital said this morning that it had little appetite for OFZs until the key rate peaks, with markets expecting another 50-100bp hike in Feb.
  • W/w the OFZ curve stands +22-32bp higher across most of the curve, with 1 & 2Y yields notably higher at +63bp & +44bp respectively with geopolitical uncertainty keeping yields biased higher.
  • OFZ Curve w/w

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