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Local sovereign debt: navigating in a low risk appetite environment

 
24.07.2015

Yesterday, the OFZ market had a sluggish session, drifting lower amid subdued risk appetite. The front end did not budge, the belly slipped a marginal 0.1pp in price, while long dated bonds corrected down 0.2-0.3pp. RFLB 27 (YTM 10.60%) underperformed, sliding 0.35pp in price, inflation-linked RFLB23 nudged down 0.25bp, closing at 94.50. Hence, the curve steepened a bit, with longer yields widening 5bp.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

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OFZ

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