Debt Markets Today - January 27, 2022. Russian Weekly Inflation, Normandy-Format Talks, Fed Review, Ukraine Economic Update

CIS EUROBOND MARKETYesterday, the Russian Eurobond market opened weaker, with pressure in the belly of the curve and two-way flows at the long end. However, during the day risk sentiment improved and prices started to recover. The long-dated Russia 42 and Russia 47 added 0.7 and 0.8 pp, showing the biggest movements in yesterday's session.GOVERNMENT DEBTOFZs started the day with gains yesterday as local bids managed to offset international offers for some time. The curve tightened 5-6 bps in yield, but ended the day 2-6 bps wider amid a weakening ruble. Trading volumes picked up to R50 bln, topping the one-month daily average. EM local debt markets were a mixed bag, meanwhile, with 10y benchmark yields moving in a 7 bps range.STORIES> Weekly inflation remains elevated at 0.2%> Looking further ahead after Normandy session, US security proposal submission> Fed delivers a hawkish shift> Economic activity in Ukraine slows in November