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Local sovereign debt: still in the red; moderate demand at auction


Yesterday, the market opened 0.1pp lower in price, but in the afternoon the pressure intensified, pushing the quotes at the long end down 0.5-0.6pp. At these levels, the market bottomed out, managing to return to the opening levels by the close. Hence, the long end slipped 0.2pp in price, while the rest of the curve surrendered near 0.1pp. Demand for a new issuance was moderate, at just slightly above the offer. Given the weaker market shape, the Ministry of Finance decided not to place the issues in their full size, allocating only RUB 7.4bn of RFLB 28 and RUB 2.4bn of RFLB 20 6.40.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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