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Local sovereign debt: weakens slightly

Yesterday’s session on the OFZ market was dull, yet still prices slipped a little farther. On the longer end, bonds lost 40-50bp, with RFLB 28 ending at a yield of 9.89%. The only exception was RFLB 23 Aug-23 (YTM 9.81%), which closed almost unchanged in price, because some or a few market participants were covering shorts in it. In the repo market, rates for RFLB 23 were -3.5%/-1.5%. Overall, the OFZ curve has moved up 6-8bp yield wise. We suppose that the Ministry might opt tactically to auction RFLB 23 Aug-23 tomorrow, given the squeeze. However, the general balance in the OFZ market remains weak, in our view, so the usual MinFin strategy would be to cancel the auction.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst


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