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Local sovereign debt: non-residents out

On Friday, OFZs slipped visibly amid a substantial trade turnover. We noted that price action was primarily driven by international accounts. Hence, RFLB 28 (YTM 9.57%) ended about 0.9pp lower, while on the belly of the curve prices slipped near 50-75bp. As a result, the entire curve shifted up 14-16bp. We highlight that globally the majority of the local debt market was under pressure on Friday amid elevated FX volatility. In particular, 10-year Thailand and South Africa bonds slipped in line with Russian debt. Moreover, adjusted for FX swings, OFZs performed more or less in line with peers.
Tatyana Zueva, Maxim Korovin
VTB Capital analyst


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