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Local sovereign debt: melting down amid limited flows


Yesterday, the OFZ market opened wider and remained thus over the course of the session, but in general bonds did not chase the FX spot. Trading activity was rather subdued. At the end of the day, bullet benchmarks closed about 0.9-0.8pp lower on the long end with RFLB 28 ending at a yield of 10.90%. Meanwhile, mid-term issues crossed the 11.0% mark having slipped around 0.3-0.5pp price-wise. Therefore, the whole curve moved up around 17-19bp. RUONIA-linked issues traded on a softer footing as well, but price action was markedly smaller compared to the downturn in bullet OFZs: in particular, RUONIA-linked RFLB 20 declined near 0.2pp in price.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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