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Money market

Ministry of Finance to tap Eurobond market but liquidity impact is only to be seen at the year-end. Yesterday, the overnight market remained rather well-bid with good demand for FX swap (RUB 52bn) and fixed-term overnight repo (RUB 25bn), probably, related to the end of the RRR regulation period. Nonetheless, ‘paying’ pressure via NDF-XCCY and IRS subsided together with pressure in UST curve, and the curves moved down 6-8bp at the front end and 2-4bp in the long end. MinFin agreed on the terms for its Eurobonds and is to attract USD 7bn via USD- and EUR-denominated issues. The news is RUB-neutral because MinFin is to avoid the open market and sell FX directly to the CBR. At the same time, this is positive news for liquidity, but its impact is unlikely to be seen before the year-end budget expenditures hit the market in December.
Maxim Korovin, Anton Nikitin
VTB Capital analyst

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