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Local sovereign debt: curve steepening underway

 
13.03.2015

The OFZ market remained well bid, mostly by locals. The belly outperformed, where prices moved up 1.0pp vs. 0.5pp on the long end. Hence, yields moved down 25-35bp in the middle and 10-15bp in the long end, with the 5s10s spread up 16bp to -27bp. In our view, the curve steepening is set to continue.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

Tags:
OFZ

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