Yesterday, the OFZ market was under pressure, losing 0.5–0.7pp in price on the long end. Overall, the curve shifted up near 10bp. Trading volumes were limited. Meanwhile, the Ministry of Finance decided to cancel yet another auction, which is barely a surprise, given the volatility in the market. We suppose the state might refrain from tapping the market until the end of the year, which effectively would result in negative new issuance.