Local sovereign bonds: curve’s slope increased in a weak session
On Monday, local sovereign bonds were under pressure and long-term yields moved up 4-5bp. At the same time, the belly was rather stable and the curve’s slope increased to 30bp for 5s9s spread. RFLB 28 closed at around 8.30%. Today, the Ministry of Finance is to announce its auction details for tomorrow and the chance is high that the auction will not be missed this week.
Maxim Korovin, Anton Nikitin
VTB Capital analyst
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