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Russian Bonds Wither as Geopolitical Tensions Skyrocket

RUSSIA
  • OFZs remain on the back foot this morning with yields up +1-3bp in early trading – following on from yesterday’s significantly weaker session.
  • OFZ yields rose +20-34bp following a deterioration in US-Russia negotiations as Russia’s frustrations with the lack of progress boiled over.
  • USD bond yields also jumped +25-38bp across the curve alongside the 5Y CDS which spiked +26bp and continue to rise this morning.
  • W/w the OFZ curve stands +71-93bp higher in the 3m-5Y section with 15-30Y tenors slightly less offered at +39-47bp.

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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