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Local sovereign bonds: the offer taken in full


Yesterday, the OFZ auctions met good demand, near twice the total offer. Hence, the Ministry of Finance placed RUB 10bn of the bullet RFLB 23 and RUB 15bn in floater RFLB 17, providing no premium to the secondary market. The secondary OFZ market opened on firmer ground, gaining momentum during the session, catching up with FX performance. However, new supply cooled the market a little, so shorter papers advanced 0.1-0.2pp in price, while the longer-dated bonds ended 0.3-0.4pp price wise. Overall, the yield curve moved down near 5-6bp in the belly and around 10bp in the long end.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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