OFZ Auction Results - December 1, 2021. Neutral Tending Toward Weak Results
We would consider today's OFZ auctions neutral or even weak. The auction for the 8y nominal bond was decent, with the entire amount on offer placed, no yield premium and the demand in line with the 10y paper auction two weeks ago. By contrast, the 15y paper met with lackluster interest, and only two thirds of the offer was tapped.> Bids for the 8y OFZ 26237 (March 2029) totaled R48.5 bln, which allowed the Finance Ministry to place the entire R20 bln without notable concessions to the secondary market at a weighted-average yield of 8.55%. That said, this was 5 bps above the yield at the time the auction was announced. The four largest satisfied bids made up half of the allocation.> The 15y OFZ 26240 (July 2036) collected only R14.2 bln in bids, the weakest result for the bond since July this year. The weighted-average yield was 8.38%, 3 bps above the pre-auction secondary-market level. The allocation was comprised of small bids not exceeding R500 mln each.
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