The overnight FX swap declined 200bp to 14.0% yesterday, yet the weighted-average rate for the whole session printed at 15.11% (-10bp). The liquidity situation improved on the back of continued fiscal spending, which allowed the banks cutting down the overnight repo debt to CBR to RUB 54bn (-RUB 219bn). Meanwhile, the Treasury announced an additional deposit auction for RUB 50bn for today, but it would still not be enough to cover this week’s maturities in full. Front-end NDF rates moved up 20-30bp yesterday, with 1M closing at 13.9% and 3M up to 15.1%. In the meantime, XCCY swap rates declined 10-20bp, with the 1s2s spread up a further 15bp to -165bp. The IRS curve steepened as well, with one-year IRS down 20bp to 15.5%, whilst three-year inched up 10bp to 13.7%. The basis swap remained mostly unchanged.