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Local sovereign debt: fragile recovery, MinFin offers two five-year bonds


There was not much action on the market yesterday, given that trading on the Moscow exchange was suspended for a couple of hours due to technical problems. In the morning, OFZs opened 0.1-0.2pp stronger, supported by rising oil and RUB. During the day, the market continued to creep up, tightening 5-8bp in yields. The long end gained 0.3pp in price; RFLB 27 8.15 (YTM 11.50%) outperformed, rising 0.5pp. The belly was up 0.1-0.2pp, while the front end closed nearly unchanged. Yesterday, the Ministry of Finance announced two OFZ auctions for today, offering RUB 5bn in floater RFLB 20 and RUB 5bn in bullet RFLB 20 6.40. At the moment, the borrowing plan is only 50% done (including inflation-indexed RFLBI 23), but nevertheless we expect MinFin to remain conservative, continuing to offer no premiums to the secondary market.

Maxim Korovin, Tatiana Zueva, Tatiana Chernyavskaya
VTB Capital analysts


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