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MinFin offers five- and nine-year bonds for the auction

Yesterday, the Ministry of Finance announced that it would be offering RFLB 19 6.70 (YTM 7.67%) and RFLB 23 7.00 (YTM 8.05%) for RUB 10bn each today. To recap, MinFin missed the two previous auctions due to the weak market conditions. Now, it seems that MinFin is more or less happy with the secondary market yields. Historically, it has been ready to offer premiums of up to 5bp when it enters the market after the sell-off. In light of that, RFLB 23s underperformed yesterday, losing near 25-40bp, price-wise, while RFLB 28 (YTM 8.31%) closed down near 10bp on price terms.
Maxim Korovin, Anton Nikitin
VTB Capital analyst


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