Local sovereign debt: decent chunks of RUONIA-linker and RFLB 23 on offer
February was the last time the bullet RFLB 23 paper was placed, so we expect good demand here, as the long end looks squeezed in terms of liquidity. Despite modest demand for floating RFLB 20 last week, we believe that RFLB 17 has a chance of meeting good demand too, as it is clearer for the market in terms of coupon structure due to its short duration.
Maxim Korovin, Tatiana Zueva
VTB Capital analysts
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