Yesterday, the market opened on a softer footing, digesting RUB’s weakening in the late trade on Monday. In the afternoon, risk appetite strengthened, lifting the quotes 0.1-0.3pp higher across the curve. However, in the evening the market lost momentum, with most of the bonds returning to previous closing levels. RFLB 20 6.40 (YTM 10.97%) gained 0.1pp in price, accompanied by RFLB 19 7.50, which also grew 0.1pp in price. Today, the Ministry of Finance holds two OFZ auctions, offering two RUONIA-linked issues: RUB 10bn in RFLB 20 and RUB 5bn in RFLB 25. Given the decelerating monetary easing cycle, we think that floaters look more attractive than bullet peers.