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Ministry of Finance places full amount at auction for first time in 2014

On Wednesday, the Ministry of Finance was successful in its sovereign bond auctions, with the full RUB 10bn placed in both RFLB May-19 (26216) at the cut-off rate of 7.71% (demand was RUB 15bn) and RFLB Aug-23 at the cut-off rate of 8.05% (demand was RUB 23bn). The demand was mostly local, and diversified, with the post-auction dynamics rather sleepy. Front-end yields are down 10bp on strong local demand, the yields in the belly fell 2bp and the long end yields declined 4bp on average. RFLB 21 closed at 7.83% and RFLB 28 at 8.29%. Overall, the auction is a good sign for at least a temporary restoration in demand on the back of RUB stabilising and a lack of meaningful primary supply over the last few weeks.
Maxim Korovin, Anton Nikitin
VTB Capital analyst


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