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Local sovereign debt: two auctions on the table

Yesterday, the OFZ market opened in the red. The longest issues traded down 0.5-0.6pp in price, while the belly slipped 0.7pp, price-wise. Later, some bids emerged, but still the curve widened 10bp in the long end and 12-15bp in the belly. We think this was mainly due to the mounting pressure on the FX spot that spoiled risk sentiment in sovereign debt although, as we have pointed out before, the valuations were already fairly stretched. Meanwhile, the Ministry of Finance announced RUB 10bn in RFLB 19 6.70 and 10-year RUONIA-linked notes each for the auction today. We like OFZ floaters at current valuations.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst


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