Yesterday, the Ministry of Finance held two auctions for RUONIA-linked bonds. The new series maturing in 2025 saw demand of only RUB 1.7bn vs. RUB 5.0bn. Hence, MinFin allocated RUB 0.9bn at an average price of 86.6pp. Shorter dated linkers maturing in 2017 were better bid: total demand was RUB 19.6bn, almost double the offering. The average price was set at 94.99pp, which is fairly close to our estimate of fair pricing at 98.0pp. Bullet OFZs traded in the black yesterday, with the longest bonds up 0.2-0.3pp, but the belly outperformed. So, the curve moved down 5bp on the long end and 15-20bp in the belly.