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Local sovereign debt: subdued risk appetite


The market opened nearly flat yesterday, with marginal pressure being seen in the front end. The pressure mounted in the afternoon, pushing the curve 0.2-0.3pp in the red, but the relative stabilisation on the FX market helped to pare some of the daily losses. Hence, the belly retuned to the previous closing levels, trading in the 11.75-11.80% range, although RFLB 18s underperformed, closing 0.2pp lower. The long end were down 0.3pp, with RFLB 28 (YTM 11.59%) sliding to 72.15. Given increased FX volatility, demand at the OFZ auction was weak, with only RUB 6.4bn of bids being placed. Hence, the Ministry of Finance decided to allocate only RUB 1.9bn of floater RFLB 17; the average price was set at 101.78.

Maxim Korovin, Tatiana Chernyavskaya
VTB Capital analysts


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