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.