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Local sovereign debt: RUB 25bn on offer


Yesterday, local sovereign bonds came through one more round of correction. Having opened in the black, the market failed to gain momentum and finally slipped 0.2-0.4pp at the long end and 0.1pp in the belly, with yields widening 5-10bp across the curve. RFLB 23 (YTM 10.76%, series 26215) underperformed, losing 0.6pp in price.

Separately, the Ministry of Finance announced two OFZ auctions, offering RUB 15bn in floater RFLB 20 and RUB 10bn in bullet RFLB 20 6.40. We continue to think that RUONIA-linked bonds offer good value, trading below the fundamentally justified levels.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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