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Local sovereign debt: correction


On Friday, the OFZ market went through a wave of profit-taking, with bonds slipping 0.35-0.65pp in price across the curve. The long end looked the weakest, as RFLB 28 (YTM 12.01%) and RFLB 27 (YTM 12.01%) lost near 0.9pp in price. As a result, the curve moved up near 20bp in yield, settling slightly above the 12.0% level. The curve is still flat and we expect the steepening to continue.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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