Yesterday, the Ministry of Finance’s RUB 10bn for RFLB 17 with a coupon linked to RUONIA drew total demand of RUB 20.6bn. The allocation size was RUB 6.9bn at an average rate of 94.06. We estimated the fair price for these bonds between 95.5 and 96.5, so investors received some premium, which can perhaps be justified by the still relatively subdued liquidity. Meanwhile, bullet OFZs saw some correction yesterday, with the curve up 10-15bp on the long end and around 20bp in the belly. In particular, RFLB 28 (YTM 12.84%) lost 0.6pp in price terms, whilst mid-term issues slipped 0.3-0.4pp on average.