Debt Markets Today - February 22, 2022. OFZ Weekly Flows, Market Recaps
CIS EUROBOND MARKETThe geopolitical backdrop continued to worsen yesterday, particularly in light of headlines that two Ukrainian armored personnel carriers tried to violate the border. Later, Russian President Vladimir Putin announced a decision to recognize the independence of the so-called DNR and LNR. As a result, Russian assets again underperformed EM markets. Long-term issues dropped by 3.9-6.4 pp in price, while medium-dated ones fell by 3.1-3.6 pp.GOVERNMENT DEBTA sharp increase in geopolitical tensions and the resulting ruble depreciation triggered a sharp rise in ruble rates yesterday. Yields on OFZs jumped 70-80 bps on the day, with issues shorter than 4y moving above the 11% mark and 10y papers reaching 10.60%. Trading volumes on the Moscow Exchange totaled R47 bln, about 60% above the one-month average. The most heavily traded issue was the 5y OFZ 26207 (February 2027), which registered turnover of R8.7 bln.STORIES> OFZ Weekly Flows: Outflow shifts focus to longer issues
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