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Local sovereign debt: hammer

OFZs saw substantial pressure yesterday. The longest bonds lost 50-70bp, price-wise, with RFLB 28 closing at a yield of 9.73%. The auction for RFLB 23 revealed subdued demand at just RUB 9.4bn vs. RUB 10bn offering. As a result, the Ministry of Finance sold only RUB 4.5bn of bonds at an average rate of 9.63%, compared with Tuesday’s closing level of 9.60%. In the end yesterday, RFLB 23 traded at 9.68%. On the belly of the curve, notes slipped near 25bp in price terms. Overall, long OFZ yields widened 10-12bp, the belly moved up 6-8bp, yield-wise, and the front end closed just 5bp higher. Therefore, the OFZ curve has steepened a bit.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst


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