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Local sovereign debt: drifting lower



On Friday, the OFZ market continued to slide down amid subdued trading activity. The opening was flat, but weaker RUB dynamics spoiled sentiment, pushing the quotes into the red. Hence, the front end declined on average 0.1pp in price; RFLB 16.6.90 (YTM 10.57%) underperformed, edging down to 96.95 (-0.3pp). The belly was down 0.1-0.2pp in price, with RFLB 19 6.70 (YTM 11.12%) and RFLB 21 7.60 (YTM 11.12%) lagging the curve. Meantime, the long end remained resilient, supported by squeezed liquidity in the absence of new supply.


Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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