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The state bond index (MCXRGBI) is up by 0.1% on the first trading day of the week, reaching a level of 118.24 basis points.
Below is the trading activity for the most liquid federal loan bonds:
- OFZ series No. 26247 -0.2%;
- OFZ series No. 26248 -0.3%;
- OFZ series No. 26233 +0.2%;
- OFZ series No. 26243 -0.3%.
The state bond index - MCXRGBI serves as a key indicator of the Russian debt market, reflecting the dynamics of the entire spectrum of government securities.
The most liquid OFZ bonds are usually long-term OFZ issues with a fixed coupon (OFZ-PD), such as OFZ 26248 and OFZ 26245 with a high share in trading volume, as well as issues with an indexed nominal value (OFZ-IN) and variable coupon (OFZ-PK), but they have different characteristics and are suitable for different purposes.
Key characteristics of liquid OFZ bonds:
1. OFZ-PD (with a fixed coupon) - the most in demand due to the predictability of coupon payments, for example, issues with redemption in 2034-2041.
2. OFZ-IN (with an indexed nominal value) - protect against inflation, but their yield is realized at redemption or sale.
3. OFZ-PK (with a floating coupon) - have high liquidity, for example, OFZ 29014, 29024, 29016.
Review presented by Alexey Grishchenko, Doctor of Economics, Professor of the Department of Operational and Sectoral Management of the Faculty "Higher School of Management" of the Financial University under the Government of the Russian Federation.
