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The Ministry of Finance held two OFZ auctions on Wednesday


MOSCOW, July 14 – PRIME. The Ministry of Finance of Russia at auctions on Wednesday placed two issues of federal loan bonds (OFZ) for 14.2 billion rubles out of the proposed 20 billion rubles, according to the ministry’s data. At the first auction, the Ministry of Finance placed the proposed OFZ series 26237 with constant coupon yield maturing in March 2029 for 10 billion rubles in full at the first auction. The cut-off price was 97.37% of the nominal, the weighted average price was 97.4225% of the nominal. The cut-off price yield was 7.28% per annum, the weighted average yield was 7.27% per annum. Demand amounted to 19.978 billion rubles. Russian banks in a month doubled the export of cash currency At the second auction, the ministry placed OFZs with constant coupon yield series 26240 maturing in July 2036 for 4.166 billion rubles with a limit of 10 billion rubles. The cut-off price was 97.42% of the nominal, the weighted average price was 97.5348% of the nominal. The profitability on the cut-off price was 7.41% per annum, the weighted average profitability was 7.4% per annum. Demand – 7.664 billion rubles. Since the beginning of July, OFZ prices have been mainly declining, while the rate of this decline has been decreasing as the maturity of bonds increased. As a result, the yield on average in the market increased by 8 basis points, but at the same time for issues with maturities of up to a year within 25-34 basis points, with a maturity of 1.5-3.5 years – within 8-18 basis points. , and for issues with a maturity of more than 4 years, the change in yield was within the range from 0 to 7 basis points, says Alexander Ermak, chief analyst of debt markets at BC Region. “Against the background of weak dynamics in the secondary market and the continuing decline in demand at auctions over the past two weeks, the Ministry of Finance decided to again reduce the volume of supply at current auctions, limiting it to 10 billion rubles for each issue at par,” he said. The demand at the auction for the placement of the new eight-year issue was almost twice the volume of the offer, which was fully realized. And for its implementation, the Ministry of Finance provided investors with a relatively low premium, which amounted to 4 basis points to the level of the secondary market. The second auction for the fifteen-year issue did not arouse much interest from investors, whose demand amounted to only about 77% of the supply volume, which was sold by 41.37%. But to achieve this result, the issuer had to provide investors with a yield premium of 13 basis points to the level of the secondary market, Yermak said. In general, in the third quarter, the RF Ministry of Finance plans to offer federal loan bonds for 700 billion rubles at auctions. Since the beginning of the quarter, the ministry has placed OFZs worth 29.6 billion rubles.


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