Fixed Income and Currency Strategist

Gautam Jain, PhD, CFA

FX & Rates

Russia's rate curve is among the flattest in emerging markets currently. The main driver for the flattening has been the central bank front-loading rate hikes to address the surge in inflation. We expect the curve to steepen from the current extreme levels, but it is early to put on a steepener as the curve has historically continued to flatten until the central bank is done raising rates.Separately, the attached file is a snapshot of the EM 10y rates market in which we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to an EM rates index.

Russia's rate curve is among the flattest in emerging markets currently. The main driver for the flattening has been the central bank front-loading rate hikes to address the surge in inflation. We expect the curve to steepen from the current extreme levels, but it is early to put on a steepener as the curve has historically continued to flatten until the central bank is done raising rates.Separately, the attached file is a snapshot of the EM 10y rates market in which we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to an EM rates index.

Rates 10y Dashboard: Early to Put on a Steepener in Russia

In this note, we point out the best and worst performers among 10y rates in EM countries and connect their performance with their volatility-adjusted yields, allowing us to identify those that can perform well going forward.Separately, the attached file is a snapshot of the EM 10y rates market in which we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to an EM rates index.

In this note, we point out the best and worst performers among 10y rates in EM countries and connect their performance with their volatility-adjusted yields, allowing us to identify those that can perform well going forward.Separately, the attached file is a snapshot of the EM 10y rates market in which we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to an EM rates index.

Rates 10y Dashboard: YTD Leaders and Laggards Among EM 10y Rates

In this note, we point out that even as EM rate curves have broadly steepened, Russia's curve has flattened on the back of more rate hikes getting priced in the short end and the long end losing some of the risk premia that was built in anticipation of US sanctions.Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

In this note, we point out that even as EM rate curves have broadly steepened, Russia's curve has flattened on the back of more rate hikes getting priced in the short end and the long end losing some of the risk premia that was built in anticipation of US sanctions.Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

Rates 10y Dashboard: Russia’s Rate Curve Flattens Even as EM Steepens

In this note, we look at curve steepness across emerging markets to identify countries where curves are relatively steep and where they are relatively flat.Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

In this note, we look at curve steepness across emerging markets to identify countries where curves are relatively steep and where they are relatively flat.Separately, the attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

Rates 10y Dashboard: Which Countries Have the Steepest Curves?

In this note, we address the question that if US rates volatility continues to come off, then which countries are most likely to attract inflows, assuming no idiosyncratic issues.The attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

In this note, we address the question that if US rates volatility continues to come off, then which countries are most likely to attract inflows, assuming no idiosyncratic issues.The attached file is a snapshot of EM 10y rates market, which we produce daily, and where we seek to identify the leaders and laggards among countries by comparing the performance of each to its history as well as to other countries based on their respective betas to the broad market.

Rates 10y Dashboard: Which Countries Offer High Yields Relative to Their Volatilities?

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RUB 10Y (RRSWM10 CURNCY)

Rates 10y Dashboard: Early to Put on a Steepener in Russia

We expect Russia's curve to steepen from the extreme levels, but it is early to put on a steepener as the curve has historically continued to...

Gautam Jain, PhD, CFA

Rates 10y Dashboard: YTD Leaders and Laggards Among EM 10y Rates

We connect the best and worst performers among 10y rates in EM countries with their volatility-adjusted yields, allowing us to identify those that...

Gautam Jain, PhD, CFA

Rates 10y Dashboard: Russia’s Rate Curve Flattens Even as EM Steepens

Even as EM curves have broadly steepened, Russia's curve has flattened as more rate hikes got priced in the short end and the long end rallied...

Gautam Jain, PhD, CFA

Rates 10y Dashboard: Which Countries Have the Steepest Curves?

In this note, we look at curve steepness across emerging markets to identify countries where curves are relatively steep and where they are...

Gautam Jain, PhD, CFA

Rates 10y Dashboard: Which Countries Offer High Yields Relative to Their Volatilities?

In this note, we address the question that if US rates volatility continues to come off, then which countries are most likely to attract inflows,...

Gautam Jain, PhD, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)