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Local sovereign debt: no auction again

As expected, MinFin cancelled this week’s auction yesterday. Overall, OFZs continued trading on a softer footing. In the morning, the market opened about 7-10bp higher in yield, but recovered partially later thanks to some international bids. In the end, the OFZ curve moved up about 4-5bp yield wise on the long end and the belly, while widened around 10bp on the front end. In price terms, RFLB 28 (YTM 9.96%) slipped around 0.2pp, while RFLB 19 6.80 (YTM 10.08%) lost near 0.4pp.

VTB Capital analyst


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