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Local sovereign debt: MinFin cancels the auction

The Ministry of Finance is not going to offer any bonds today, perhaps due to surging yields. Thus, longer-dated OFZs lost 30-40bp, price-wise, with RFLB 28 closing at a yield of 9.93% (actually, on the bid side it was a tad above 10%). The belly dipped 25bp in price terms. Hence, the curve shifted up 10-12bp, although the front end was relatively resilient. Compared with other EM local sovereign debt markets, Russian bonds performed in line with Korea and Philippines. However, on average the EM local market ended stronger.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst

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