Local sovereign bonds: Ministry of Finance cancels auction again
As RUB bounced, the liquidity in the sovereign bond market has become thin on the offering side and the RFLB yield curve moved down 10-15bp. RFLB 21 closed at 8.03% and RFLB 28 at 8.34%. Meanwhile, the 6-8-year segment outperformed the long-end by 4-5bp on average. In addition, the Ministry of Finance decided to cancel the auction this week vis-à-vis its previous comments at the end of last week.
Maxim Korovin, Anton Nikitin
VTB Capital analyst
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