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Local sovereign debt: more steepening underway


The OFZ market continued to trade on a stronger footing yesterday. Price wise, bonds on the long end and the belly gained near 0.2-0.5pp with RFLB 28 closing at a yield of 12.7%. The curve moved down about 2-3bp in the long end and about 10bp in the belly and front end. Hence, the 2s10s spread moved up near 5bp to -45bp. We think the steepening would continue and at some point the curve would take an uninverted shape.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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