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Local sovereign debt: contaminated by Greece

 
07.07.2015

The OFZ market opened under heavy pressure, with long-dated issues already slipping 1.0pp into the red in the morning. By the evening, the pressure had eased a bit, but the long end still closed down 0.7-0.9pp in price, while the belly and the front end sagged 0.3pp. The curve widened 13-15bp in yield across all tenors, with the long end approaching the 11.1% level.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

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OFZ

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