Local sovereign debt: a test for the primary market
The OFZ market saw little volatility yesterday and most of the liquid benchmarks closed barely changed. Meanwhile, MinFin announced that it is going to offer RUB 10bn of RFLB 19 6.70 and RFLB 23 7.0 each. We think the prospects for a successful auction are good given the lack of new supply in March and April.
Maxim Korovin, Anton Nikitin
VTB Capital analyst
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