Yesterday’s outperformance in contingent bonds (B35, B36) could probably be pinned down to the strikes on Moscow, making some people think the war may end sooner. Low positioning in those two issues probably also helped (most investors realize how hard it is to hit the economic growth targets — if we get 1.5% this year, then 2027 and 2028 each would need to deliver real growth of 7.8%). The rest of the curve was quite calm, quoted between unchanged and +50c. RAILUA did well among quasi-sovereigns, with some better bids around (still, the PDI-adjusted price is ~75 vs. NAFTO in the high 80s).
