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Economic Release Details: {BZPIIPCM Index ECOD} --WALTER BRANDIMARTE

#Emerging markets: investors favoring bonds in local currency - market is bigger than ever 800 billion US dollars. #DrStephan
Original Tweet content #Emerging markets: investors favouring bonds in local currency – market is bigger than ever at nearly 800 billion US dollars. #DrStephan
Deutsche Bank @DeutscheBank
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(Bloomberg) -- Valuations at the long end of Ukraine’s bond curve are attractive and supported by technical market dynamics, but uncertainty surrounding reforms, the political calendar and the economic outlook will ultimately limit upside, analyst Andrew Matheny writes in emailed note late Tuesday.

• About $4.5b-$5b in 2019 debt maturities are "manageable," supporting front end of bond curve and prompting further steepening
• Says Ukraine’s macroeconomic performance has been "impressive, in particular relative to past IMF program performance"
  • Progress on institutional and anti-corruption reforms outside the realm of macroeconomics has remained disappointing, leaving Ukraine with positive short-term cyclical dynamics but still-uncertain longer-term economic, fiscal and political prospects
• Private capital inflows to continue and Ukraine to likely tap international debt markets near-term, supporting rise in foreign reserves to estimated $20b in 2017 and $23b in 2018 from $17.8b in July, and maintaining appreciation pressure on hryvnia
  • Keeps 12-month USD/UAH forecast at 24.75
• NOTE: Ukraine Is Said to Plan First Dollar Bond Sale Since 2013: FT
• NOTE: Black Ops, Fake News and a Real Punch Muddle Ukraine Graft Fight

To contact the reporter on this story: Marton Eder in Budapest at meder4@bloomberg.net To contact the editors responsible for this story: Ven Ram at vram1@bloomberg.net Alex Nicholson

(Bloomberg) -- HSBC has cut its year-end forecast for 10-year Japanese government bond yield to 0.05% from a previous target of 0.1%, according to a note from the bank.

• Safe-haven demand will be a dominant factor in near term amid heightened geopolitical tensions, write analysts including Andre de Silva, head of global EM rates research in HK
• 10-year yields will remain anchored around zero even if BOJ further reduces the amount of bond purchases
• Investors’ search for duration is unlikely to fade anytime soon given recent drop in JGB yields
  • Latest auction of super-long JGBs already revealed such appetite
• NOTE: 10-year JGB yield currently at 0.005%
  • BOJ kept purchases of 5-10 year sector unchanged at 410b yen at its regular bond buying operation earlier Wednesday

To contact the reporter on this story: Patricia Lui in Singapore at plui4@bloomberg.net To contact the editors responsible for this story: Tan Hwee Ann at hatan@bloomberg.net Nicholas Reynolds

(Bloomberg) -- Bund futures (RX1) technical levels in focus.

• Daily Trend Bias: Neutral
• Comment: Finishes strong on Tuesday, closing at highest since April; caution required however amid diverging momentum and trading at range extremes (162.69-163.10) which may attract some profit-taking ahead of ECB meeting
  • Resistance: 162.92-93; 163.10; 163.21
  • Support: 162.59 (pivot); 162.51-45; 162.35-28; 162.24; 161.96
• NOTE: Roll-adjusted by difference in GFUT
• NOTE: Sejul Gokal is a FICC technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice

To contact the reporter on this story: Sejul Gokal in London at sgokal1@bloomberg.net To contact the editors responsible for this story: Ven Ram at vram1@bloomberg.net Neil Chatterjee