OREANDA-NEWS. Yesterday, risk appetite returned to the OFZ market, supported by RUB strengthening. The long end enjoyed the strongest bid, rising 1.2-1.5pp in price, while the belly firmed 0.8pp in price. Hence, the curve moved down 30bp yield-wise in a parallel shift, retaining its inverted shape. RFLB 28 now looks the tightest point on the curve, trading with a 11.45% yield.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts