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Local sovereign bonds: the yield curve continues to widen

On Friday, the local sovereign curve continued to widen with pressure concentrated in 7-10-year notes (the market might expect the primary supply in this tenor this week). Thus, the curve widened 4-6bp on average, but the 7-10-year yields moved up 7-8bp. The spreads between OFZ and XCCY returned to the more normal positive territory of 35-40bp, but it continues to look rather tight compared to historical levels. Hence, it continues to make sense playing this spread if RUB is not under any pressure in the coming days.
Anton Korovin, Maxim Korovin
VTB Capital analyst


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