Russia FX/Rates Snapshot - October 17, 2018
The Finance Ministry reported that it will auction R10 bln of the 5y OFZ 26223 today. The ministry appears to be trying to increase the amount it offers gradually over the last two weeks so as to avoid spooking investors. We expect it to place the full amount being offered today. However, if demand turns out weak, it would likely trigger a correction in the market.
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