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Local sovereign bonds: up with the FX market


RUB’s strong performance fuelled risk appetite on the OFZ market. The curve opened stronger, with the bid first concentrating in longer tenors and moving to shorter maturities later on in the day. Hence, the long end closed 0.6-0.7pp higher in price, with yields tightening to 11.3% (-12bp). Belly yields declined 15-18bp, moving into the 11.5-11.6% range. RFLB 22 7.60 (YTM 11.56%) and RFLB 20 6.40 (YTM 11.55%) outperformed, gaining 0.7pp and 0.8pp in price, respectively. The Ministry of Finance has scheduled two OFZ auctions for today, offering a mix of bullet RFLB 23 7.00N (RUB 7.8bn) and floater RFLB 17 (RUB 6.4bn). We expect good demand.

Maxim Korovin, Tatiana Chernyavskaya
VTB Capital analysts

FX market, OFZ

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