Rates: no changes on that front
As no budget liquidity injections have been made yet and with the last large tax payment on the agenda, the rates environment is mostly unchanged: RUONIA is at 6.39% and MosPrime at 6.78%, while overnight FX swap was not traded due to the holiday in the US. Overnight auction repo volumes rose to RUB 1.45tn from RUB 540bn a day ago, implying the impact of budget flows might be smoothed via repayment of overnight repo. The NDF-XCCY curve was unchanged on Wednesday.
Maxim Korovin, Anton Nikitin
VTB Capital analyst
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