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Ministry of Finance might announce auction as market conditions are stable

Yesterday, sovereign bond yields moved up only 3-4bp, despite notable RUB weakness, as market participants seem to be sure that there will be no reaction from the CBR and it has recently taken a pause for a longer time. RFLB 21 closed at 9.73% and RFLB 28 at 9.75%. Hence, it seems that the conditions look alright for the Ministry of Finance to tap the market after a few months with no auctions. This is likely to be in line with MinFin’s comments that the debt programme remains unchanged and RUB 230bn is likely to be borrowed before the year-end.
Maxim Korovin, Anton Nikitin
VTB Capital analyst

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