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Local sovereign debt: slow motion, two bullets on offer


Yesterday, trading activity was rather slow, though the market inched up a further 0.1-0.2pp in price, finding stronger ground after the weak opening. The front end was better bid, moving 4-7bp down in yields. The Ministry of Finance announced two auctions for a total of RUB 17.5bn in two bullet notes, RFLB 20 and RFLB 23 (series 26215). We think that MinFin has every chance of completing its 2Q15 borrowing plan.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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