The CBR conducted a two-day repo auction for RUB 230bn. Banks secured the whole size amid RUB 371bn of demand at an average rate of 14.37%. In light of this, banks reduced the volume of overnight repo to RUB 14bn. However, fresh liquidity from the CBR was just handy to cover the RUB 227bn outflow of pension deposits. Thus, money market rates stayed elevated and the weighted-average overnight FX swap came to 14.93%. Banks borrowed RUB 69bn via FX swap from the CBR. Following RUB’s weaker performance, short NDF rates settled higher, with one-month tenor closing at 15.67% (+33bp) and 3M NDF rate jumping to 14.46% (+194bp). The XCCY curve moved up near 20bp, while the one-year XCCY rate rose to 13.19%. So, the 1s2s spread widened, amounting to -138bp. The IRS curve shifted up 10-25bp, while the 3M MosPrime rate continued to trade at 14.53%.