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Russian Curves Bull Steepen Slightly, PPI in Focus

RUSSIA
  • Local & USD rates trade subdued around the open, with USD bonds seeing a slight bid in 2Y yields (-1.6bp) – paring yesterday's weakness.
  • Yields eased marginally higher in yesterday's risk-off session around the FOMC minutes, with USD bonds slightly more offered than locals.
  • W/W both curves have drifted a few bp lower, maintaining their bull steepening bias.
  • Risk premia trade slightly higher with the 5Y CDS +3.8bp off the week's lows just above 90.

Data: 1700BST

  • PPI y/y exp at 26.1% vs 16.0% prior
  • PPI m/m exp at 1.8% vs 3.6% prior
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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