USD Bonds Continue to Outperform Locals, Risk Premia Rise W/W

• Local & USD rates trade marginally softer at the open on the back of weaker global risk sentiment into the weekend.
• USD bonds selling off slightly, while locals see little change.
• W/w USD bonds continued to outperform locals, bull steepening -5-10bp with gains concentrated in 1Y yields.
• Contrastingly, the local curve has lifted +10-20bp in short-dated yields w/w (3m-2y tenors most offered).
• 5Y CDS trades +1.9bp w/w, pulling back from topside resistance at 98.00.

Data/Events

• Putin to meet Lukashenko to discuss Belarus Incident & sanctions
• 0900BST Nabiullina, Deputy Finmin speak at associated banks congress