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Local sovereign debt: stalled rally


Yesterday, the market began the session 0.1-0.2pp stronger, but the weakening RUB did not allow it to continue the rally. At noon, bonds lost all of the morning gains, slipping into negative territory by the close. Hence, the long end corrected down 0.5pp in price, while RFLB 23 (YTM 10.82%) lagged the curve, surrendering 0.7pp. Belly tenors were down 0.1-0.2pp, while the front end remained relatively resilient. Inflation-indexed RFLB 23I (RealY 3.34%) also stepped back from the recent highs to trade at 94.3. As a result, yields widened a further 5-10bp to 10.7-10.9%, with the curve becoming more hump-shaped.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

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