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Local sovereign debt: MinFin continues to increase offer


Today, the Ministry of Finance scheduled two OFZ auctions, offering bullet RFLB 23 and floater RFLB 20, each of RUB 15bn size.

Last week, the auctions met decent demand, so MinFin is trying to use the moment to achieve its RUB 250bn borrowing target in 2Q15. The announcement of new supply pushed the market shortly in the red, but in the end, the belly closed 0.1-0.3pp higher price wise, while the other segments closed flat. RFLB 23 gained 0.4pp in price, so the yield moved down to 10.91%, the tightest print on the curve.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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