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Local sovereign debt: a step backward

On Friday, the market opened stronger, but the momentum stalled as soon as USDRUB climbed to 67.00. Hence, by the afternoon the curve widened 7-12bp, with the long end surrendering 0.4-0.6pp in price and the belly sliding 0.2-0.3pp. Hence, the long-dated yields rose to 11.65, while the belly hump inched up to 11.90%. At the same time, inflation indexed RFLBI 23 (YTM 3.27%) traded on a stronger footing, increasing to 94.80 (+0.2pp).
Maxim Korovin, Tatiana Chernyavskaya
VTB Capital analysts


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