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USD Bond Yields Continue to Surge, Default Risk Rises to 65%

  • FX/FI MARKETS (MOEX remains closed today)
  • Russian markets remain closed for a third day today as the Ukraine conflict moves into its 7th day. Liquidity remains sparse and spreads notably wide, making trading Russian assets extremely challenging.
  • USD bond yields surged +953-4,471.9bp on the day with the front end coming under the worst selling pressure as the curve bear flattens aggressively on increased risk aversion and the CBR’s emergency 10.5% hike to 20%.
  • Risk premia remain elevated with markets pricing in a 65% chance of default yesterday, up from 56% on Monday.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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