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Local sovereign debt: rally continues


The OFZ curve declined some 30bp in yield across all tenors. Longer-dated bonds firmed 1.3-1.5pp in price, with RFLB 28 closing at a yield of 12.55%. On the belly, issues were marked up 0.5-0.8pp: specifically, RFLB 19 6.70 ended at a yield of 13.94%. RUONIA-linked RFLB 17 settled higher in price as well, at 94.60. However, the bond slightly lags peers with a bullet coupon, since on Wednesday the weighted-average price at the auction was 94.06.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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