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VTB Capital: Fixed Income Monitor

November 26, 2012
OFZ market: profit-taking action in the belly of the curve

On Friday, OFZ market activity was quite subdued due to an inactive day in US markets after Thanksgiving. Some profit-taking took place across the curve. 5-7-year papers were the most hit on Friday, as the yields widened 8-10bp. The 4-year OFZ 26203 yield increased 13bp to 6.88% and the 7-year OFZ 26208 yield widened 10bp to 7.0%. However, the longest paper, 15-year OFZ 26207, received some support and was almost unchanged at 7.35%. We think it likely that the market will strengthen this week, as international flows will benefit the market. We are still upbeat on a few notes, including 26203, 26205 and 26207, which look quite attractive in terms of roll-down and the lack of primary supply in the market.