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Local sovereign debt: the long end underperforms


Yesterday, trading activity slowed down. The market started on a sour note, widening 10-15bp across the curve. In the afternoon, the pressure eased a bit, so the front end and the belly managed to return to the previous day’s levels by the close. In the meantime, the long end remained 0.4pp in the red, with RFLB 28 (YTM 11.82%) sliding to 71.00. So, the curve steepened a bit, with the 2s10s spread widening to 8bp.


Maxim Korovin, Tatiana Chernyavskaya
VTB Capital analysts


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