FX, bonds and rates weekly

The ruble weakened slightly (-0.1%) against the dollar last week to USD/RUB 73.3. The trend was mixed in EM currencies. Given upcoming tax payments next week, we expect demand for the local currency from Russian exporters to increase, which will help support the ruble exchange rate. On the debt market, UST yields dipped, while the trend was mixed in EM bonds. The OFZ market showed the negative dynamic. In our view, the liquidity deficit on the part of the Federal Treasury will be partially offset by the sufficient amount of funds on CBR accounts within the system. We expect the RUONIA rate to fluctuate within a range of 6.25-6.40%.