On Friday, OFZs went through another wave of correction, widening 25-35bp across the curve. The market opened in the red yet again in the morning, with longer dated tenors slipping 0.4-0.5pp in price. In the afternoon, the pressure on bonds intensified, as RUB resumed its weakening, following oil’s drop below USD 46/bbl. By the close, the long end had lost 1.6-1.7pp in price, with RFLB 28 (YTM 11.72%) falling at 71.50. The belly was down 0.7-0.8pp in price; RFLB 20 6.40 (YTM 11.91%) underperformed, slipping 1.0pp. Hence, the curve moved into the 11.70-11.90% range, remaining bumpy in the belly.