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Local sovereign debt: moving higher


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.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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