2 weeks ago I believed that OFZs approached their minimums, and at the beginning of this week – that the minimums have been reached. However, the decline is still ongoing, and yesterday it was also supported by the fall in the stock market. I will not make new assumptions. Over the past 2 weeks, 5-year OFZs have lost another percentage of their body value in price, their yield reached 6%. The “long end” even reached 7%. I will limit myself to observations.
The decline did not escape the subfede. There are a lot of yields above 6% per annum in this sector. Above 7% is not yet. But, given the lagging dynamics of regional bonds, apparently, there will be. I will also observe before drawing conclusions.
Source of the RGBI net bond price index: www.moex.com/ru/index/RGBI/technical/