Yesterday, as we expected, the Ministry of Finance enjoyed solid demand at its auctions. Total demand for RFLB 19 was RUB 20.4bn vs. a RUB 5.0 offering size. In the end, MinFin sold RUB 4.9bn at an average rate 13.76%, i.e. providing no premium to the secondary market. In the second auction, market participants purchased RUB 15.0bn of RUONIA-linked RFLB 17 amid RUB 30.3bn of bids. The weighted average price was 94.05. Overall, the market traded on a firmer footing yesterday. In the end, RFLB 28 (YTM 12.26%) gained some 0.5pp in price, while bonds on the belly firmed 0.2-0.3pp price wise.