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Local sovereign debt: short-lived bounce


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.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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