Local sovereign debt: not spectacular auction
Yesterday, the Ministry of Finance sold RUB 10.2bn of RFLB 28 at an average rate of 9.44%. The total offering size was RUB 15bn and demand stood at RUB 18.1bn. Hence, MinFin provided a 4bp premium to the secondary market. The reaction was predictably negative and RFLB 28 ended the day at a yield of 9.46%.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst
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