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Local sovereign debt: one more try

Yesterday, the Ministry of Finance announced that it would be offering six- and fifteen-year bonds today for RUB 10bn each. We think RFLB 20 (YTM 8.07%) is the most interesting point on the sovereign curve now. At the same time, MinFin had to cancel the 15-year auction last week due to low bids. Overall, the OFZ curve has widened 4bp in the longer end and about 2bp on the belly and front end. Specifically, we noted that RFLB 28 (YTM 8.45%) lost near 25bp, price-wise.
Maxim Korovin, Anton Nikitin
VTB Capital analyst


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