Local sovereign debt: MinFin decides to tap
Yesterday, the Ministry of Finance announced that it was set to offer RUB 5.0bn of 2016 and 2023 each today. Both bonds are relatively short squeezed, so MinFin is likely to find some demand. Meanwhile, the OFZ curve widened 10-15bp yesterday, mostly on the belly, while the long and front end were a little more resilient. Overall, prices moved down 0.5-0.6pp on the longer end yesterday.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst
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