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Local sovereign debt: OFZs slightly in the red

 
11.03.2015

The market opened stronger, but the gains faded away in the middle of the day as FX weakened. In the end, the curve moved up 5-8bp, while the longest bonds declined 0.2-0.3pp in price. Today, the Ministry of Finance is offering two RUONIA-linked bonds: RUB 10bn of notes maturing in 2017 and RUB 5.0bn of a new series maturing in2025. We think the fair price for the latter is near 90-93pp. In general, we like RUONIA-linkers, especially, in the current monetary policy cycle.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

Tags:
OFZ

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