OREANDA-NEWS. Yesterday, the OFZ curve remained under pressure, losing on average 0.4pp in price at the long end and in the belly. RFLB 22 7.60 (YTM 11.27%) and RFLB 19 6.80 (YTM 11.29%) underperformed, falling 0.5pp in price. Hence, mid-term yields widened 10-12bp, while long tenors moved up 6-8bp, now standing at 11.15%. Today, the Ministry of Finance is to conduct two auctions, offering RUB 10bn in RUONIA-linked RFLB 2020 and RUB 5bn in bullet RFLB19 6.70.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts