OFZ Auction Results - October 13, 2021. Light Supply Easily Digested
Today's auctions were successful, as expected, as the Finance Ministry scaled down the interest rate risk on offer. The results and the Finance Ministry's cautious approach of increasing supply in gradual steps are supportive for long OFZs and our view of the market that we expressed in a recent flashnote.> The 8y fixed-rate OFZ 26237 (March 2029) collected R30 bln in bids amid an offer of R10 bln, which was placed in full. The weighted-average yield was 7.56%, implying a tiny 1 bp yield premium to the secondary market. The six largest accepted bids accounted for 70% of the allocation. > The demand for the 11y CPI-linked OFZ 52004 (March 2032) came to R25.3 bln, just a touch below the bids at the previous auction last week (R29 bln). The full R10.1 bln on offer was tapped at a weighted-average yield of 3.08%. That was 1 bp below the weighted-average yield a week ago.
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