OFZ auctions garnered decent demand again: MinFin easily allocated RUB 30bn. Demand for RFLB 20 reached RUB 30bn at an average price of 93.58, up 0.5pp from the previous auction. Bullet RFLB 23 was placed at a yield of 10.72%, from RUB 46bn of demand for the RUB 15bn offer. The new supply had no effect on the market, which rallied amid a RUB’s gains and good inflation data, implying that the CBR has more room for a rate cut. Hence, the front end added 0.7-1.3pp in price, the belly rose 1.3-1.7pp in price, while long-dated bonds advanced 1.6-2.0pp. RFLB 28 increased 2.6pp in price, tightening to a yield of 10.49%.