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Local sovereign debt: moderately stronger


Yesterday, the OFZ market continued to trade on a stronger footing, closing on average 0.2pp firmer. The longest benchmarks, RFLB 28 (YTM 10.46%) and RFLB 27 (YTM 10.35%), enjoyed the strongest bid, rising 0.4pp in price. Hence, the curve shifted down 4-8bp, yield-wise, with the belly moving below the 10.70% level. Today, the Ministry of Finance is likely to announce the benchmarks for tomorrow's auctions. Given the relatively strong momentum in the market, we think the Ministry could opt for bonds with a long duration.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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