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Local sovereign debt: the belly outperforms


Yesterday, the OFZ market opened with a bounce: long dated bonds were trading 0.6-0.8pp stronger, while mid-term notes were quoted 0.4-0.5pp in the black. The decent RUB performance in the morning initially drove risk appetite, but in the second half of the day, the market started gradually surrendering positions. The long end stepped back most of all, having closed 0.1-0.2pp higher in price. Separately, we highlight that RFLB 28 (YTM 10.81%) resisted the pressure, advancing 0.7pp in price. In the meantime, the belly was trading relatively smoothly, retaining its 0.4pp gains by the end of the session; the front end firmed 0.2pp. Hence, the curve steepened, with the 2s10s spread turning positive (8bp), for the first time since March.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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