OFZ Auction Results - December 8, 2021. 10y Bond Placed Without Premium
Today's auction went well, though it was hardly strong enough to give an additional boost to the ongoing rally in the OFZ market. Demand was higher than at the auction on November 17 (the most recent auction for the bond) but lower than at the one on November 10 (the last but one auction). The yield premium was a symbolic 1 bp. All eyes will now move to the upcoming inflation data, which is due later today, especially the monthly number, which will be crucial for the CBR meeting on December 17. At this stage, we are leaning toward a 100 bp hike, which chimes with market expectations. > The Finance Ministry held only one auction today, offering R30 bln in the 10y fixed-coupon OFZ 26239 (July 2031). Bids amounted to R53.5 bln, which was sufficient to cover the entire offer. The weighted-average yield was 8.59%. The non-competitive share was untypically large at 54%. The largest accepted bid was R4.9 bln and was non-competitive. Overall, the allocation was distributed among 62 bids.
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