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Local sovereign debt: searching for equilibrium


Yesterday, OFZ bonds remained under pressure, adjusting to market expectations on the outcome of the CBR meeting. Hence, the mid-term tenors slipped 0.3-0.4pp and the long end corrected down 0.7-1.0pp, price wise. The yield curve moved up near 8bp in the long and around 10bp in the belly. Given the market consensus of a 100-200bp rate cut, the curve looks rather tight, trading in a 11.0-11.5% yield range, so we believe that room for further adjustment still remains.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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