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Local sovereign debt: moderate bounce


Yesterday, the OFZ market opened 0.2-0.5pp stronger and held its ground during the session. The CBR’s decision went practically unnoticed, triggering only a short-lived spike, which pushed the long end to 10.5% for a while. At the close, long dated issues were quoted 0.2pp higher, while RFLB 28 (YTM 10.63%) outperformed, gaining 0.35pp in price. The belly was up 0.2-0.4pp, while short tenors closed nearly unchanged. The curve shifted down a moderate 2bp in yield, retaining its hump-shaped form. In our view, the potentially slower trajectory of the CBR’s monetary easing makes RUONIA-linked OFZs more interesting than bullet issues.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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