Local sovereign debt: drifting lower
OFZs opened in the red yesterday. In particular, RFLB 28 (YTM 9.13%) lost almost 1.00pp on the opening, while 7-10-year notes started about 75bp lower price-wise. However, prices went on to recover somewhat, with RFLB 28 closing just 40bp down. Overall, OFZ yields widened near 5-7bp on the belly and in the long end, while the front end moved up near 5bp yield-wise.
Maxim Korovin, Anton Nikitin
VTB Capital analyst
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