Overall bullish on OFZ
and local bond market on monetary policy and inflation grounds
New species in OFZ
II are Limnocythere inopinata (Baird) (Fig.
is involved in the manufacture of a wide range of ferro-alloys on the basis of manganese and silicon, namely ferromanganese, ferromanganese silicon and ferro-silicon.
As for local markets, RUB continued to outperform EM FX to some degree, rates (XCCY/IRS) consolidated at lower levels in anticipation of the first MTRO auction/rate cuts, while OFZ
curve firmed in flattening bias despite soft demand at the primary auction.
88% per annum), which is 142 bps against the OFZ
curve, the lowest spread to the OFZ
curve among all recent placements with a BB rating.
The interest in ruble assets will be tested at today's auction for OFZ
Longterm first-tier corporate bonds become interesting as the spread to OFZ
were also well bid yesterday, outperforming almost every EM local currency bond market on the way down in yields.
In fact this is exactly what has been happening - since the sell-off in global duration started at the end of April 10y OFZ
yields increased by some 75bps vs 85bps for UST 10y.
That said this move might also be related to foreign real money investors hedging their OFZ
exposure and hence it might not necessarily reveal rate expectations as anecdotal evidence suggests many people still expect first rate cut tomorrow.
Released benchmarks for OFZ
that will be offered today seem moderately
By our calculations, average OFZ
yield fall yesterday totalled 2 b.