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Local sovereign debt: half-day rally


On Friday, the market opened strong, encouraged by the debut placement of inflation-indexed OFZ. Already in the morning, the long-dated issues were quoted 0.7-1.0pp higher in price terms. In the afternoon, RFLB 28 even hit 79.75, but at this stage demand started to abate, so finally the long end closed only 0.3-0.7pp stronger, while the belly and the front end gained 0.1-0.2pp in price. Hence, the curve tightened 5-10bp in yield, shifting down to the 10.30-10.40% range.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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