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Local sovereign debt: some profit-taking


Yesterday, the OFZ market held a rather muted session. The RUB correction fuelled some profit-taking in the longer tenors, with RFLB 28 (YTM 11.24%) slipping 0.3pp in price and RFLB 23s nudging down 0.1pp. At the same time, shorter bonds looked resilient, gaining 0.1-0.2pp in price by the close. The curve steepened a bit, with the long end widening 5bp and short yields declining 6-9bp. The belly remained nearly unchanged, trading in the 11.4-11.5% range.

Maxim Korovin, Tatyana Chernyavskaya
VTB Capital analysts


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