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SAGBs Soften At the Open as West Sanctions Russia's Central Bank

  • SAGBs open weaker this morning amid global risk-off on the back of weekend developments in the Ukraine crisis as the West targets CBR reserves and banks with SWIFT disconnection.
  • Yields recovered slightly on Friday after markets acclimated to the crisis, falling -18-22.3bp on the day – but have risen +6-7.4bp this morning.
  • SAGBs have been relatively resilient vs the likes of Turkey during the crisis, due to improving terms of trade on higher commodity prices and an improved fiscal outlook at last week’s budget.
  • W/w the SAGB curve shifted +15-26bp higher in the 5-30Y section of the curve with he 15Y most offered.
  • 10Y levels: Sup1: 9.667, Sup2: 9.597, Res1: 9.84, Res2: 9.90. 30Y levels: Sup1: 10.395, Sup2: 10.302, Res1: 10.515, Res2: 10.60

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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