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Local sovereign debt: steeper in the red

The OFZ market finally surrendered yesterday amid pressure on FX. Hence, the curve on the long end and the belly moved up 13-15bp in yield, while the front end traded flat. However, the latter price action reflects how much the market is squeezed without new supply, rather than expectations of market participants. Overall, RFLB 28 closed at a yield of 10.11%, while RFLB 19 7.50 ended at a 10.25% yield. Price-wise, long bonds slipped 0.8-1.00pp, while the belly traded down 0.5pp in price terms.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst


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