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Local sovereign debt: RUONIA-linkers day

 
03.06.2015

Yesterday, the Ministry of Finance announced that it would offer two RUONIA-linked bonds for today’s auctions: RUB 10bn in 2020 maturity and RUB 5.0bn in 2025. We expect good demand in both auctions. Meanwhile, the OFZ market opened weaker yesterday, but pared losses later thanks to RUB’s recovery. In the end, it closed flat or 0.10-0.15pp stronger across the board, so the curve remained unchanged in the longest end and tightened 1-2bp in the belly.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

Tags:
OFZ

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