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Local sovereign debt: more bear-flattening

OFZs traded on a softer footing yesterday. The longest bonds lost near 1.0pp in price, with RFLB 28 closing at a yield of 10.93%. In the belly, prices slipped 0.8-0.9pp. Overall, the curve widened 20bp in the long end and 25-30bp in the belly and front end. Therefore, it became more inverted yesterday with the 2s10s OFZ spread now standing at -35bp. Hence, OFZs have started pricing more substantial monetary tightening in the near term.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst


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