MOSCOW (Reuters) – The Russian Ministry of Finance will offer three OFZ issues at auctions on Wednesday, September 16, in an attempt to interest different groups of investors.
First, there will be an auction of a 6-year floater OFZ 29014 with a coupon tied to RUONIA in the amount of 115.218 billion rubles. Traditionally, local banks are interested in such securities for hedging interest rate risk.
The second auction on Wednesday will offer 7-year OFZ 26232 with a fixed coupon for the remaining unplaced RUB 43 billion. Previously, non-residents showed great interest in such securities, when the interest rate parity was still high and carry trade was a popular strategy.
At the third auction, the Ministry of Finance will put up a new inflationary linker OFZ 52003 with maturity on July 17, 2030.
The coupon rate of this issue is fixed at 2.50%, and its face value will be indexed for inflation with a lag of three months, as in the case of the two issues in circulation.
The maximum volume of the new linker in circulation is 250 billion rubles.
(Elena Fabrichnaya. Editor Dmitry Antonov)