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OFZ: MinFin can expect good auctions

Yesterday, longer dated OFZs firmed 20-40bp on average, while notes on the belly of the curve changed little. RFLB 23 (YTM 7.68%) fell slightly behind the curve amid the auction for RUB 11.56bn. MinFin has announced guidance for today’s auction: 10Y is to be offered at 7.63-7.68% (a small premium of 3bp) and 5Y at 6.85-6.90% (no premium). In our view, the 10-year note currently looks nice relative to the rest of the curve.
Maxim Korovin, Anton Nikitin
VTB Capital analysts


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