A pulled auction is a yield dispute, not a default. MinFin rejected deep discounts on fixed paper (OFZ-PD 26228). The core metric is the structural shift: moving to floaters, shorter duration, or central bank liquidity to maintain capital flows. #OFZ #Russia #Macro #CapitalFlows
The question now is whether record FDI shows real resilience, or whether it is just slower-moving capital that has not yet reacted to the higher returns available elsewhere. #BondYields #India #CapitalFlows
