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Local sovereign debt: glimpse of recovery


In the morning, the market kicked off on a stronger footing, with the belly firming 0.2pp and the long end adding 0.3pp, price-wise. However, this impulse started to abate in the afternoon and long-dated bonds even slipped 0.1-0.2pp in price by the close. Meanwhile, the mid-term segment enjoyed good support, ending the session 0.3pp in the black and moving below 11.0% in yield terms. Inflation-linked RFLB 23 also advanced 0.3pp, trading now at 94.95. The Ministry of Finance has scheduled one auction for today, offering RUB 10bn in floater RFLB 17. We believe that this issue looks the most attractive now (for more details, see our OFZ Navigator - We like floaters vs. bullet bonds, of 11 August).

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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