Yesterday, OFZs traded softer. Longer dated RFLB 28 (YTM 12.84%) lost 0.8-1.0pp in price, while bonds on the belly declined 0.3-0.4pp. Hence, yields moved up 18-20bp along the whole curve. In our view, the belly of the curve (i.e. 5-7 year tenors) now looks most interesting. The spread between 5- and 10-year OFZs stands near -50bp, which looks excessive compared with the front end of the curve and other EM local sovereign debt markets.