The OFZ market closed slightly in the black yesterday; the curve moved down a couple of basis points. However, foreign investors continued selling bonds, but the local bid proved strong, especially on the long end. In light of this, the curve has bear-flattened this week. Meanwhile, the Ministry of Finance sold RUB 10bn of RUONIA-linkers amid RUB 25bn of demand. The average price was 93.05, down from 93.59 last week. Hence, total new issuance in February reached RUB 47.8bn.