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Local sovereign bonds: double-bullet offer; inflation-linked OFZ expected in July


Yesterday, the OFZ market had another strong session, with yields tightening 10-13bp along the entire length of the curve. The beginning was unimpressive, but risk appetite strengthened in the afternoon, cheered by FX market dynamics. Subsequently, long benchmarks gained 0.6pp in price, while shorter instruments rose 0.35-0.5pp. RFLB 27 (YTM 10.77%) outperformed, advancing 0.8pp in price.

Yesterday, MinFin announced its menu for today’s auction: RUB 5bn in RFLB 23 (series 26215) and RUB 10bn in RFLB 19 (series 26216). Given the favourable momentum, we expect good demand. Also, the Ministry of Finance plans to test the water with inflation-linked bonds in July. According to Deputy Minister Alexey Moiseev, their maturity would vary between five and ten years, depending on the market conditions.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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