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VTB Capital: Fixed Income Monitor

December 13, 2012
OFZ auction: predicted success

MinFin yesterday conducted two OFZ auctions for a combined nominal volume of RUB 49.99bn; participants took the entire offer. Both were a success in terms of yields and the demand picture. The government offered ten-year (26209) and five-year (25080) notes. The total demand was RUB 271bn, but it was unevenly distributed between issues, with some two thirds accounted for by the longer bond. We see two reasons for this: first, the indicative yield range for the ten-year notes was rich compared to the secondary market, and second, international investors traditionally favour the longer end of the curve. The ten-year OFZ yield printed at 6.81%, 7bp below the lower end of the pre-announced guidance of 6.88-6.93%. In fact, the range was already out of the market, as we highlighted in yesterday’s FX &
Rates. Meantime, the yield for the five-year OFZ auction was 6.48%, the lower end of the guidance range, which had been announced at 6.48-6.53%. Toward the end of the day, OFZs yields closed near 2-3bp tighter, despite the new supply: in particular, 15-year bonds closed at 6.92%. We saw considerable interest from international names. We expect the market to remain strong toward the end of the year and in the early part of 2013.
  • Status
    outstanding
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    293,579,016,000 RUB
  • М/S&P/F
    — / — / —