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Local sovereign debt: higher up

The OFZ curve shifted up 70bp yesterday, with the long end trading near 12.60-12.70%, while the belly went through the 13.00% level. Price-wise, RFLB 28 (YTM 12.62%) lost 3.00pp, while RFLB 19 6.70 (YTM 13.00%) surrendered 2.00pp. Hence, the spread of the 10-year OFZ to the CBR’s key rate widened to 280bp, the highest level since March this year. Meanwhile, the spread of mid-term bonds exceeded 300bp, approaching all-time highs. However, given concerns that the CBR would use monetary policy instruments to address FX volatility, we think it is better to stay on the sidelines until Thursday.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst


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