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Local sovereign debt: hurt by FX weakness


Yesterday, OFZs kicked off on a softer footing and remained under pressure for the whole day. Hence, in the end the whole curve widened 70-80bp. RFLB 28 (YTM 14.72%) lost 3.0pp in price, while the belly slipped 2.0pp.

Today, the Ministry of Finance is to announce plans for the first OFZ auction in 2015. To recap, MinFin has said it intends to borrow RUB 150bn in 1Q15, with RUB 80bn allocated for bonds with a maturity less than five years.

Maxin Korovin, Tatiana Zueva
VTB Capital analyst


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