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Local sovereign debt: weaker ahead of CBR meeting

 
30.10.2014
The OFZ market firmly crossed the long-standing 10% boarder line yesterday. Thus, except for the very front end, the whole curve now lies above that threshold. Overall, the longest notes lost 0.5-0.7pp in price terms, with RFLB 28 closing up 8bp at a yield of 10.05%. Meanwhile, on the belly of the curve, the yields moved up 10-15bp, with the bulk of bonds traded at yields of 10.20-10.25%. Hence, the curve has become visibly inverted now in anticipation of CBR tightening.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst

Tags:
OFZ, CBR

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