Local sovereign debt: correction in the long end
Yesterday, long OFZ yields picked up 15bp, with RFLB 28 (YTM 12.80%) closing down 0.7pp, price-wise. In addition, RFLB 27 (YTM 12.64%) lost 1.0pp in price. Bonds on the belly traded down just 0.2-0.3pp in price, while the front end closed unchanged. MinFin cancelled the OFZ auction for today.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst
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