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Local sovereign debt: no auction this week

The Ministry of Finance cancelled its auction for this week. The news is not a surprise, but the reaction of the secondary market was nevertheless positive. Hence, longer dated issues firmed 0.50-0.75pp, price-wise; in particular, RFLB 28 gained 80bp in price to close at a yield of 9.76%. Meanwhile, RFLB 23 Aug (YTM 9.70%) and RFLB 27 (YTM 9.70%) remained relatively squeezed, as bonds with shorter duration traded at the 9.75-9.77% yield level. On the belly, prices moved up 25-50bp, so the curve tightened 10-12bp on the mid- and long-term tenors.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst


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