As we suggested yesterday, MinFin decided to offer long papers to the market, using relatively strong momentum. Today, MinFin is to conduct two auctions, tendering RUB 10bn in fixed-coupon RFLB 28 and RUB 10bn in RUONIA-linked RFLB 17. The news on a new supply pushed the market into negative territory, so the curve slipped 0.3pp price wise, having widened 10bp in yield. The long end underperformed, with auctioned RFLB 28 (YTM 10.55%) down 0.5pp in price. Since April, MinFin has already placed RUB 154bn out of the planned RUB 250bn for 2Q15, so in case of weaker market juncture, we think MinFin would prefer not to place the full amount, rather than to pay a premium to the secondary market.