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OFZs struggle as well


In bulk, OFZs closed 9-11bp wider yesterday. Dealers and internationals were on the offer, selling Russia like the rest of the EM. In particular, RFLB 27 (YTM 7.99%) surrendered 0.75pp in price together with RFLB 28 (YTM 8.06%). On the belly of the curve, prices slid around 50bp, with RFLB 19 6.80 closing at a yield of 7.13%.

Today, the Ministry of Finance is offering RFLB 23 for RUB 12.56bn. The yield guidance was announced at 7.70–7.75%, while the bond closed yesterday at 7.75%. Therefore, the auction carries no premium to the secondary market, meaning that there is little chance of success in the current environment. Nevertheless, technically the bond looks undervalued to the rest of the curve, in our view.

Maxim Korovin, Anton Nikitin
VTB Capital analyst


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