Yesterday, the OFZ market continued to trade on a stronger footing. The long end firmed near 0.8pp, with RFLB 28 closing at a yield of 13.06%. The belly gained near 0.5pp price-wise on average, while RFLB 20 6.40 (YTM 13.3%) ended 0.7pp stronger in price having fully pared some of the underperformance earlier in the week amid new supply concerns. Therefore, the whole curve moved down near 20bp and the 2s10s spread stayed unchanged at -8bp. However, we think that curve steepening is to continue, as the CBR would likely cut rates further, especially, if the FX market keeps its solid stance.