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Local sovereign debt: stronger on CBR decision

Yesterday, the OFZ market rallied, as the CBR announced a 100bp rate hike, while the market priced in something between 150bp and 200bp, we estimated. Hence, hot on the heels of the CBR’s announcement, the OFZ curve shifted down near 50bp yield wise. However, the gains were partially pared on the back of FX volatility. Therefore, by the end of the day, the OFZ curve closed down just 10-15bp. RFLB 28 (YTM 12.26%) gained near 0.6pp in price, while the bonds on the belly picked up just 0.3-0.5pp in price terms.
Tatyana Zueva, Maxim Korovin
VTB Capital analyst


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