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Short-Duration Outperforms W/W, USD Bonds Lead the Way

  • Local & USD rates unch this morning after a firmer session post-CBRT.
  • USD bonds were better bid, rallying 9-14.1bp across the curve with gains concentrated in 7Y-10Y tenors.
  • W/w the front-middle has pivoted lower 30-40bp in 2Y-10Y tenors. The local curve retraced early strength post-CBRT, but remained 3-5bp in the green in 2-3Y tenors (bull steepening).
  • W/w short duration has also outperformed in local bonds with the 3m-1Y portion 60-70bp lower, while the 4Y-10Y section has lagged somewhat -23-30bp.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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