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Local sovereign debt: quiet day


 Trading activity in the OFZ market slowed down at the beginning of the week. The market opened weaker across the board, with the belly underperforming. By the end of the day, it had recovered marginally and the longest end closed mostly unchanged, while mid-term issues picked up 2-3bp in yields. Today, the Ministry of Finance is to announce the offering benchmarks for tomorrow. We highlight that the formal plan for short-term issues (with maturity of less than five years) has been 86% executed and in the long end (maturity greater than ten years) only RUB 5.0bn is left, according to the pre-announced schedule. Thus, the ministry might perhaps opt for something on the belly (with maturity between five and ten years), where an additional RUB 30.0bn requires allocation in order to meet the target. However, we think that MinFin’s quarterly borrowing schedule might be fairly flexible.

Maxin Korovin, Tatiana Zueva
VTB Capital analysts


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