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Local sovereign debt: propelled by the FX market


Strong RUB dynamics tuned the OFZ market yesterday. In the morning, bonds kicked off on a stronger footing, with the long end moving 1.0pp higher in price. During the day, the rally continued to gain momentum, following RUB’s appreciation. By the close, the long end of the curve was up 2.0-2.4pp in price, the belly jumped 1.0-1.5pp and short tenors firmed 0.3-0.5pp. As a result, the curve tightened 30-45bp in yield, teleporting into the 10.6-10.8% range. The recovery on the FX market spurred demand for a new supply too. The Ministry of Finance placed the whole RUB 10bn chunk of RFLB 17 at an average price of 101.84; the bid-to-cover ratio printed 2.4x.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

FX market, OFZ

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