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Local sovereign debt: more in the red


Yesterday, the OFZ market remained under pressure. At the end of the day, the longest bonds lost 0.4-0.5pp in price terms, while the belly slipped 0.2-0.3pp. Thus, the curve moved up 6-8bp in yield along all tenors. Meanwhile, MinFin enjoyed good demand in the primary market. All offered bonds were sold for a total amount of RUB 20bn, with bids for almost double that amount. Hence, the ministry sold RFLB 19 6.70 at an average yield of 10.71% (closed 15bp wider); 10-year RUONIA-linked were sold at an average of 98.62pp, up from 96.6pp at the beginning of May.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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