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Local sovereign debt: hand in hand with FX

OFZs gained 0.3-0.6pp in price terms on the belly and the longer end of the curve. Most of the price action happened in the evening, when crude oil prices surged. In the end, the OFZ curve tightened 10-12bp on the belly and 6-7bp in the long end. Hence, we think local investors (who are historically more active in mid-term bonds) played the first hand yesterday. RFLB 28 closed at a yield of 10.20%, while RFLB 19 6.70 ended at 10.40%.
Maxim Korovin, Tatiana Zueva
VTB Capital analysts

OFZ, ruble

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