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Local sovereign debt: RFLB 23 on the offer

Today, the Ministry of Finance is selling RUB 10bn of 9-year notes. We think demand could be subdued. Yesterday, the OFZ market closed just marginally weaker. In particular, we noted that the longest issues have slipped just 25bp in price terms, with RFLB 28 closing at a yield of 9.61%. On the belly, the price action was negligible, so yields remained unchanged. Hence, the curve has steepened 3-4bp.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst


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