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Local sovereign debt: long end returns to 11.5%


Yesterday, bonds took another small step forward. The curve opened 2-5bp tighter, with the belly and the long end enjoying some bids. Despite the correction on the FX market, OFZs managed to hold their ground, with long-dated bonds closing 0.3pp higher in price and the belly tenors gaining 0.1pp. Hence, the curve became more hump-shaped, with the long end narrowing to 11.50% (-8bp) and the belly remaining in the 11.80-11.85% range. OFZ auctions garnered good demand. Bullet RFLB 20 6.40 was placed in full at an average yield of 11.79%. Meanwhile, the Ministry of Finance allocated only RUB 3.6bn in floater RFLB 20 at an average price of 100.76, offering a marginal premium to the secondary market.

Maxim Korovin, Tatiana Chernyavskaya
VTB Capital analysts


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