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US Treasury Yields Weigh on EM Bonds In Early Trading

RUSSIA
  • Local & USD rates trade mixed at the open, with locals -1bp in the green and USDs slightly in the red.
  • Yesterday saw muted trading with the local curve closing flat on the day and USD curve in a similar position.
  • US Treasury yields gaining some upside traction at the start of the session today, placing pressure on EM yields.
  • Risk premia also seen rising slightly this morning, with the 5Y CDS snapping a 4 session, 9% move lower to bounce off the 90 level.

Data: 1400BST

  • Central bank reports official reserve assets as of May 1; est. $585b versus $573.3b 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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