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Local debt: curve steepened as MinFin targets longer end for auctions

Yesterday, the OFZ market was under pressure as FX volatility mounted. In addition, MinFin announced plans to price 14- and 6-year notes for RUB 10bn each. At the end of the day, RFLB 28 (YTM 8.43%) lost 50-60bp, price-wise, while RFLB 20 6.40 (YTM 7.97%) was down 35bp in price terms at the end of the day. Consequently, the 2s10s spread widened to 130bp (+8bp), while the 5s15s spread climbed 6bp to 70bp. We think demand might be relatively muted at today’s auction, given RUB’s weakening.
Maxim Korovin, Anton Nikitin
VTB Capital analyst


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