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Local sovereign debt: stalled recovery


Yesterday, the OFZ market lost momentum, slipping into the red at the opening. RUB’s weaker performance added bitter sentiment to the market, which had moved deeper into the negative territory by the end of the session. The long end was better offered, with RFLB 28 (YTM 10.87%) stepping back 0.7pp in price and RFLB 27 (YTM 10.85%) slipping 0.5pp. The belly sagged in price 0.3pp, while the short notes lost 0.2pp. Hence, the curve widened 7-10bp, yield wise, with the hump-shape form becoming less pronounced.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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