HALISTER1: Citi: RUB Looks "Interesting Once Again", Short TRY/RUB

Citi: RUB Looks "Interesting Once Again", Short TRY/RUB

(Bloomberg) -- Short TRY/RUB is trade of the week, but “conviction certainly spills over into the medium term,” Citi analysts led by David Lubin say in e-mailed note.
  • Russia’s macroeconomics is “still strong enough” to support RUB’s outperformance vs EM high-yield peers
    • Bank of Russia remains in “hawkish mode”
  • Markets cannot ignore rising likelihood of partial (or even total) roll-off in U.S. economic sanctions
  • Long positioning in Russian fixed-income remains a worry
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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David Lubin (Citigroup Inc)

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