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Sovereign yields move wider

The sovereign yield curve moved 6-10bp wider with pressure along the curve, as the RUB’s pressure is channelled into sovereign yields again. The Ministry of Finance sold only RUB 1bn of RFLB 20 at 8.14%, a very generous yield and premium up to 3-5bp to the secondary. Also, the Ministry of Finance sold RUB 5.12bn of RFLB 28 at 8.52%, a modest 2bp premium to the secondary. Demand seems to be largely justified by the back-to-back coverage of non-resident demand for the long-end because RFLB 28 at 8.52% is very tight to RFLB 21 at 8.18% (the spread is only 33bp, i.e. by 3bp above historical lows) and the 15-year bond does not look attractive for short-term investments, in our view.
Maxim Korovin, Anton Nikitin
VTB Capital analyst


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