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Local sovereign debt: cold shower


After rallying for a couple days, a correction followed. In the morning, the OFZ curve was trading 0.1-0.15pp lower in price. The pressure intensified in the afternoon, pushing the bonds deeper into the red: by the end of the session the long end had lost 0.4-0.8pp in price, while the belly surrendered 0.3-0.5pp. RFLB 28 (YTM 10.43%) was hit the most, dipping 0.9pp in price, RFLB 23 (YTM 10.51%, series 26215) and RFLB 20 6.40 (YTM 10.59%) fell 0.5pp in price. Consequently, the curve widened 10-20bp, yield-wise, returning to the 10.5-10.6% area.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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