Local sovereign debt: CPI spooks the market
In the first half of the day, OFZs firmed 25-35bp in price on the long end and the belly of the curve. However, the news that the CPI picked up last week spurred some selling activity. As a result, in the end OFZ yields widened 5-7bp, while prices slipped 20-30bp. In particular, RFLB 28 traded down 35bp to close at a yield of 9.81%.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst
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