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Local sovereign debt: bear steepening


Friday's session in the OFZ market ended on a weaker footing. In the morning, bonds opened near 0.5-0.8pp lower across the board, but prices recovered by the middle of the day. However, in the aftermath of the US jobs report, the market went back into the red. Hence, in the end the curve widened near 10bp in the long end and about 5-7bp in the front end. Overall, RFLB 28 (YTM 10.93%) declined near 0.5pp in price, while bonds on the belly surrendered about 0.2-0.3pp price wise.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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