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Local sovereign debt: enjoying good demand

 
23.06.2015

Yesterday, risk appetite on the OFZ market strengthened, helping to cover some of the recent losses. The long benchmarks outperformed, advancing on average 0.6pp in price, while mid-term issues moved up 0.3-0.5pp, price-wise. RUSSIA 23 (YTM 10.98%, series 26011) was in the lead, rising in price 0.7pp; RUSSIA 28 (YTM 10.83%) gained 0.6pp. Hence, the curve shifted down 7-10bp in yields, while the long end moved away from the 11.0% level.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

Tags:
OFZ

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