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Local sovereign debt: two steps forward, one step back

After some rebound on Wednesday, selling pressure in the OFZ market returned yesterday. In the morning, we noted some nice local bids in the belly and long end of the curve, but it faded away soon as the offer mounted up. In the end, the longest bonds lost 30-50bp in price terms, with RFLB 28 closed at 9.92% yield. On the belly, prices declined 20-25bp. Thus, the curve moved up 6-8bp along the whole curve, except for the front end.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst


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