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Local government bonds: good diversified auction results


On Wednesday, the RFLB market closed unchanged: RFLB Aug 23 at 7.39% and RFLB 28 at 7.78%. At the same time, the Ministry of Finance successfully placed RUB 15bn of RFLB 28 at 7.80% and RUB 13.1bn of RFLB 19 6.8 at 6.98%. Both auctions were well diversified in demand and we believe that a lot of locals participated at them. In our view, the reasonably good bond supply acts as a drag on the rally in the RFLB market. On a relative value basis, the long end looks a bit attractive. However, we do not rule MinFin offering either a 10-year or a 15-year note again next week.

Maxim Korovin, Anton Nikitin
VTB Capital analyst

bonds, MinFin

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