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The RUONIA rate, to which the coupons of most floating-rate bonds are linked, stabilized on Wednesday at 15.85%.
The average rate of ruble overnight loans (RUONIA) is the rate applied by banks when providing short-term loans to each other for a period of one day ("overnight").
The rate is calculated daily by refining the average value of interbank lending operations among the top 35 Russian banks and is published on the official website of the Bank of Russia.
The RUSFAR ON RUB (overnight, rubles) rate on Wednesday was 15.77%.
RUSFAR ON CNY (overnight, yuan) was 0.32%.
The RUSFAR rate serves as a key benchmark:
- It reflects the level of rates in the Russian money market,
- It is formed based on the average values of repo transactions with the central counterparty,
- It is included in the list of financial indicators approved by the Bank of Russia.
It should be noted that RUONIA is an unsecured rate, while RUSFAR is a rate for secured transactions, but both are key indicators of the cost of money in the market and are used for floating rates in bonds.
RUONIA (Ruble Overnight Index Average) is the rate for unsecured overnight ruble lending, calculated by the Bank of Russia based on operations of the top 35 banks, while RUSFAR (Russian Secured Funding Average Rate) is the rate for secured funding (repo with a central counterparty), calculated by the Moscow Exchange for different terms (ON, 1M, 3M, etc.).
The review was presented by Alexey Grishchenko, Doctor of Economics, Professor at 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.
