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Local sovereign debt: MinFin offers mid-term bonds at auction


Yesterday, OFZs remained under pressure. In the long end, bonds were down 1.0pp, price-wise. In particular, RFLB 28 (YTM 13.31%) lost 1.3pp and RFLB 23 7.00 (YTM 13.44%) edged down 1.0pp in price. The belly was marked down 0.7-0.9pp in price as well; specifically, RFLB 20 6.40 (YTM 13.66%) underperformed as the Ministry of Finance announced its auction for RUB 10bn for today. In addition, the Ministry is offering RUB 5bn in RUONIA-linked RFLB 25.

Overall, the curve moved up 25-28bp in yield on the belly and long end yesterday, while the front end remained well bid. Subsequently, the 2s10s OFZ spread moved up 20bp to -8bp.

Maxim Korovin, Tatina Zueva
VTB Capital analysts


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