Local sovereign debt: calming down
Separately, yesterday the Ministry of Finance completed the placement of the debut inflation-indexed OFZ issue. According to its press release, the new instrument garnered solid demand of RUB 198bn, but the ministry deliberately placed only half (RUB 75bn) of the offered size, with 59% of the issue allocated among asset and pension funds, while 41% was sold to banks in order to underpin liquidity in the secondary market. The share of non-residents amounted to 26%. Subsequent RFLBI placements are to be done through regular weekly auctions. At the moment, the issue is quoted at 93.65, implying a real yield of 3.44%.
Maxim Korovin, Tatiana Zueva
VTB Capital analysts
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