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Local government bonds: a small after-FOMC bounce

 
02.08.2013
On Thursday, RFLB yields dropped 3-8bp along the yield curve, with the most demand seen in the long end. RFLB 23 (YTM 7.39%), RFLB 27 (YTM 7.77%) moved down 8-9bp, yield-wise. Overall, the global market sentiment does not favour EM fixed income, especially with the 10-year UST back to 2.7%. However, the mix of commodity-USDRUB levels suggests that there is no rush to complete the domestic borrowing programme in full.
Maxim Korovin, Anton Nikitin
VTB Capital analyst

Tags:
bonds

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