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Local sovereign debt: fragile bounce


Yesterday, the risk sentiment improved a tad, helping the market to gain back 0.2pp in price and pushing the curve 4-6bp down in yield. RFLB 19 6.80 (YTM 11.20%) was better bid, rising in price 0.3pp, while RFLB 28 (YTM 11.07%) added in price 0.25pp.

Yesterday, the Ministry of Finance held two OFZ auctions, garnering decent demand. RUONIA-linked RFLB 20 was placed in full at an average price of 100.63, while MinFin decided to sell only RUB 2.9bn of bullet RFLB 19 6.70 amid RUB 16bn of demand. The average yield amounted to 11.26%.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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