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Local sovereign debt: further up the road; book building for OFZ-IN commences


Yesterday, the Ministry of Finance began the book building exercise for the inflation-indexed OFZ (series 52001). According to Reuters, the coupon was set at 2.5% with the initial price guidance of 87-92%, which implies a real yield in the 4.45-3.66% range.

Meantime, the secondary market was in good shape yesterday. The belly was better bid, gaining 0.35-0.55pp, price wise. The longest benchmarks firmed near 0.4pp, while the short tenors added 0.10-0.15pp in price. Hence, mid-term yields declined 10bp, while the rest of the curve shifted down 5-7bp in yields.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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