OREANDA-NEWS. May 25, 2015. The overnight FX swap closed at 13.28%, gaining 126bp from the previous close.

However, during the day the market traded lower, with the weighted average rate amounting to 12.47%. Hence, banks’ bid for CBR liquidity remained subdued: they borrowed nothing in the FX swap window and only RUB 49bn in overnight repo operations. Separately, the Treasury conducted one more successful deposit auction, allocating the whole amount of RUB 50bn at 12.51%. Hence, today after the settlement, the outstanding volume of Treasury deposits in banks is to rise to RUB 193bn, but on a net basis the banking system will return RUB 84bn of liquidity to the budget. NDF/XCYY rates were trading lower yesterday. The one-month NDF tenor

outperformed, dipping 51bp to 13.45%, 3M NDF rates followed after, declining 41bp to 13.61%. The belly of the XCCY curve was down 15bp, though the long end remained sticky. In addition, the one-year rate decreased 20bp to 12.45%, while the two-year tenor closed at 11.25%. 3M MosPrime lingered at 13.64%, though the IRS curve continued moving south, nudging down 20bp.