OFZ continue to dive. There are probably two main reasons for the beginning of this trend: the rise in ruble inflation and the unnecessarily rapid decline in the key rate.
A bit of infographics to visualize the scale of what is happening. These are a couple of interpretations of the sector’s decline from June peaks to today. The illustrations help answer the question whether it’s time to buy OFZs. Such a clear, amplitude and unidirectional trend, as a rule, ends after deep disappointment or apathy of market participants. In other words, OFZs should leave the list of common investment preferences before bouncing off the bottom. Is this the case now? I don’t think so yet.