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Local sovereign debt: no relief

 
29.07.2015

Yesterday, the correction continued, pushing the curve above the 11.0% level. The belly tenors saw the heaviest pressure, losing 0.3-0.6pp in price; RFLB 21 7.60 (YTM 11.15%) closed 0.7pp lower. The long end slipped on average 0.5pp in price, while the short-term issues declined 0.1-0.2pp. Given the weak market shape, the Ministry of Finance scheduled the only auction for today, offering RUB 10bn in the most liquid RUONIA-linked RFLB 17.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

Tags:
OFZ

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