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Local sovereign debt: all in the red


Yesterday, pressure on the domestic FX market filtered through into the OFZ market. Bonds slipped into the red right from the morning, with the curve moving 0.4-0.8pp lower, price wise. By the evening, the pressure had intensified, pushing the market further into negative territory. As a result, the long end dropped 1.0-1.2pp in price, with RFLB 28 (YTM 10.86%) declining to 75.85. The belly tenors were down 0.5-0.8pp in price, while short bonds closed 0.4pp weaker. The curve widened 20-25bp in yield, with the mid-term segment going back to the 11.0% level.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

FX market, OFZ

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