HALISTER1: Credit Suisse Recommends Cutting Duration in Russian OFZ Bonds

Credit Suisse Recommends Cutting Duration in Russian OFZ Bonds

(Bloomberg) -- Crdit Suisse recommends switching into 2021-2022 bonds from 2027-2031 bonds, strategist Nimrod Mevorach writes in report.
  • Target yield differential of +20bps between Jan. 2028 bonds and Aug. 2021 vs. -13bps currently; stop-loss at -30bps
  • Long-end of OFZ curve seems fairly priced, more sensitive to potential reduction of foreign positioning
  • 19s-22s sector stands out as cheap while 27s-31s sector stands out as rich

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
4458Z RU (Russian Federation)

People
Nimrod Mevorach (Credit Suisse Group AG)

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