Despite a late-day surge on the back of surprising relief from Lavrov's
comments on not invading Ukraine (well, he's hardly going to
pre-announce) Germany has seen its worst 2-week drop in 28 months.
Sovereign bond spreads rose 10-13bps on the week for the peripheral
nations (which is actually notable given how tight they trade now). Russian
stocks have plunged 22% from Feb 18th highs and Russian 10Y bond yields
surged to near 10% yields. Ukraine's short-date bonds remain at yields
around 50% and the Hyrvnia is losing ground.
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