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Local sovereign debt: sliding down


After a couple of resilient sessions, the OFZ market finally surrendered. In the morning, the curve saw rather strong pressure: the long end surrendered 0.4-0.5pp in price, scratching the 11.0% level, while the belly sagged near 0.6pp in price. By the evening, local buyers helped the market to trim some of the daily losses, but long-dated bonds still closed 0.2-0.3pp lower in price and the mid-term segment ended the session 0.4pp in the red. Hence, the yield curve moved up in a parallel shift of 5-6bp. The OFZ auction garnered ok-ish demand, with total bids amounting to RUB 12.4bn. However, the Ministry of Finance preferred not to offer a premium to the secondary market, placing only RUB 6.2bn at the 102.05 average price.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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