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(U2) Regaining Sense of Stability


Firmer On International Dynamics


Recession Worry & ECB Induced Rally


(U2) More Stable But Still Fragile Longer Term

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  • Local & USD rates Unch this morning, having traded mixed in yesterday's session.
  • Similar to Russia, USD bonds outperformed locals – gaining better traction in the belly of the curve.
  • 5-10Y yields dipped -4.9-6.6bp, while the local curve went marginally offered – shifting +1-3bp higher across the breadth.
  • Risk premia continue to move lower this week, having peaked at 410, now pressuring 400 support.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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