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  • Local & USD rates trade marginally in the green this morning, having sold off yesterday as threats of US debt sanctions sparked some risk aversion in both OFZs and their USD counterparts.
  • The OFZ curve shifted +4-7bp higher across the breadth with a bear steepening bias – 7-15Y tenors ended +7bp higher.
  • W/w the OFZ curve remains bear flatter with 3m-10Y tenors +12.17bp higher on week.
  • Russia's 5Y CDS also stands +7.785bp higher on w/w, but showed little response to the US threats of debt sanctions – ending marginally higher in yesterday's session.