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Local sovereign debt: marginal recovery


On Friday, the OFZ market opened flat, but gained ground later in the session thanks to improved risk sentiment in the FX spot market. At the same time, price action was moderate. We noted RFLB 28 (YTM 10.56%) ended near 0.2pp in the black, while bonds on the belly like RFLB 19 6.70 (YTM 10.94%) and RFLB 20 (YTM 10.88%) firmed around 0.2-0.3pp as well. Hence, the curve moved down near 1bp in yield on the long end and near 5bp in the belly and front end.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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