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Local sovereign bonds: calm market reaction to the FOMC announcement

On Friday, local sovereign bonds did not react to the FOMC announcement about the beginning of QE tapering in January. RFLB Jan 23 closed at 7.69% and RFLB 28 at 8.03%. This week, activity is set to remain subdued, as most markets calm down ahead of the New Year. However, the Ministry of Finance is likely to release its borrowing programme for 1Q14 and we consider that the primary market supply will be around that of 4Q13. To recap, the Ministry of Finance expected to borrow RUB 340bn in 4Q13.
Maxim Korovin, Anton Nikitin
VTB Capital analyst


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