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Local sovereign debt: curve steepening

 
19.12.2014
The OFZ curve opened stronger, but at the end of the day, the long end saw some profit taking. RFLB 28 (YTM 13.4%) lost near 1.00pp in price, but bonds on the belly firmed near 0.5pp. Yields moved up 30bp in the long end and tightened 15-20bp in the belly. Thus, the 2s10s spread narrowed from -223bp to -143bp.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst

Tags:
OFZ

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