Yesterday, OFZs remained well bid. At the end of the day, the curve moved down near 30bp along all tenors. In particular, RFLB 28 (YTM 13.39%) gained near 1.1pp price wise, while RFLB 19 6.70 (YTM 14.9%) firmed 0.9pp in price terms. Meanwhile, MinFin announced a couple of new issues (3- and 5-years) for a total amount of RUB 300bn. Both notes have the second and further interest rates linked to RUONIA. This could mean that the Ministry is preparing for more active borrowings.