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Local sovereign debt: a bit stronger


The start of the session was not that impressive. The market opened softer, with the curve sagging 0.1pp in the belly and at the long end. In the afternoon, bids started to return, lifting long-dated and belly issues 0.4pp up in price. RFLB 22 7.60 (YTM 11.76%) outperformed, jumping 0.5pp in price by the close; RFLB 23 7.00 (YTM 11.73%) followed, gaining 0.45pp during the day. Hence, the curve tightened 6-11bp in yields, with the curve taking a more flattish shape – the 2s10s spread converged to zero, after being near 20bp a couple of weeks ago.

Maxim Korovin, Tatiana Chernyavskaya
VTB Capital analysts


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