Yesterday’s session was rather slow in terms of price action. The market opened flat, but moved slightly higher by the close. The long end gained 0.2-0.3pp, with RFLB 28 (YTM 10.80%) in the lead; the belly firmed 0.15pp, so the curve shifted down 3-5bp in yields. This week, the placement of inflation-indexed OFZ-IN is to be in focus. To recap, the Ministry of Finance plans to offer debut inflation-indexed bonds with the interest payment structure similar to RFLB 23 (series 26215). The interest rate is set at 2%, while the maximum offering size is RUB 150bn.