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Local sovereign debt: strong bid for floaters


Yesterday, the auction on the placement of RUONIA-linked RFLB 20 met solid demand, with the volume of bids double that of the offer. Market interest in floaters is getting stronger, so MinFin allocated the full size at an average price of 98.63, 5pp higher than at the previous auction in April. At the same time, demand for bullet RFLB 20 6.40 printed RUB 13.6bn, but MinFin decided to place only RUB 4.6bn out of RUB 10bn not to pay the premium to the secondary market.

Yesterday, the OFZ market found firmer ground. The belly of the curve rose 0.15-0.25pp in price, short papers gained in price 0.1pp, while the long benchmarks closed flat. Hence, shorter yields declined 4-6bp, so the curve marginally steepened, with 2s10s spread narrowed to -3bp.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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