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Local sovereign debt: pressure rises


The market slipped into the red right from the morning, as RUB dynamics continued to provide no support for OFZs. Pressure was mounting throughout the session, so by the close the belly lost 0.7-1.1pp and the long end fell 1.3-1.6pp, price wise. International accounts remained the main sellers, while the bid was still mostly local. RFLB 27 (YTM 11.42%) underperformed, surrendering 1.6pp in price, RFLB 28 (YTM 11.38%) slipped to 73.20 (-1.5pp). Hence, bonds widened 28-35bp in yields, with the belly tenors scratching 11.6% and the long end rising to 11.4-11.5%.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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