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Local sovereign bonds: re-pricing underway


Yesterday, the OFZ market had another heavy session, dipping into the red right in the morning. The belly was hit the most, slipping 0.7-0.9pp in price, while the long end was down 0.6-0.8pp. As a result, mid-term yields rose 20bp, while long dated tenors increased 10-15bp, yield-wise.

The Ministry of Finance announced two OFZ auctions for today, offering RUB 10bn in bullet RFLB 19 6.70 and RUB 15bn in the RUONIA-linked RFLB 17. We still favour floating instruments and recommend them for buying.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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