Yesterday, the Ministry of Finance placed the whole size of floater RFLB 17, with demand exceeding the offer more than three times, printing RUB 72bn. The average price was set at 97.80, up 0.8pp from the previous auction. The OFZ market closed in the black, with long dated bonds rising 0.5-0.7pp and mid-term tenors gaining 0.2-0.4pp in price. Hence, yields at the long end declined 10bp, while the belly moved down 13bp. Overall, the curve is pricing a 300bp rate cut.