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Local sovereign debt: getting stronger

 
11.09.2015

The market opened 5bp wider, following RUB and oil dynamics, but soon gained a stronger footing. The bid was mostly concentrated in the belly, lifting the quotes 0.2-0.3pp higher. The long end added 0.3pp in price, with RFLB 28 rising to 73.10 (+0.4pp), while the front end remained nearly unchanged. Hence, bonds tightened 5-7bp across the curve, with the belly yields declining to 11.7-11.8% and the long end going to 11.40%.

Maxim Korovin, Tatiana Chernyavskaya
VTB Capital analysts

Tags:
OFZ

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