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Local sovereign debt: one bid fits all

Local sovereign bonds: stronger amid limited volumes Trading activity was relatively moderate yesterday, although we noted some healthy two-way flow on the belly. Overall, OFZs ended the day on a stronger footing. In particular, RFLB 28 (YTM 9.29%) gained near 45bp, price-wise, followed by the recently auctioned RFLB 23 (YTM 9.24%), which inched up 30bp in price terms. On the belly, prices picked up 25bp. Overall, the yield curve moved down 3-4bp along the whole curve. We highlight that the spread to the CBR’s key rate is quite tight now. In our view, the only supportive factor for OFZs now is the relatively wide spread over the XCCY swap curve.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst


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