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Local sovereign debt: slow session


Yesterday, there was not much action in OFZ bonds. In the morning, the market opened flat, with only long-dated tenors inching up 0.2pp. In the afternoon, the front end of the curve saw slight selling pressure, slipping 0.1pp in price. However, by the close risk appetite strengthened a bit, helping the market to regain positions. The long end enjoyed the strongest bid, rising 0.5-0.7pp in price. Belly tenors closed 0.2-0.3pp stronger, while the short end firmed 0.1pp. Hence, the curve tightened 8-12bp in yield, shifting into the 10.7-10.9% range. Yesterday, the Ministry of Finance offered two RUONIA-linked bonds at auction, but given the fragile market sentiment they garnered only modest demand: MinFin allocated just RUB 2.5bn in the five-year floater and RUB 0.3bn in the ten-year note.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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