Russian Government Bond Market Overview (RGBI)

© ООО Региональные новости

The Russian Government Bond Index (MCXRGBI) has dropped by 0.1%, reaching a level of 117.05 basis points.

Below is the trading activity for the most liquid Federal Loan Bonds (OFZ):

- OFZ Series No. 26247: -0.3%

- OFZ Series No. 26248: -0.2%

- OFZ Series No. 26233: -0.1%

- OFZ Series No. 26243: -0.1%

The 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 typically long-term OFZ issues with fixed coupons (OFZ-PD), such as OFZ 26248 and OFZ 26245, which have a high share in trading volume. There are also bonds with an indexed nominal value (OFZ-IN) and variable coupons (OFZ-PK), but they have different characteristics and are suitable for different purposes.

Key characteristics of liquid OFZ bonds:

1. OFZ-PD (with fixed coupon) - most in demand due to predictable coupon payments, for example, issues maturing in 2034-2041.

2. OFZ-IN (with indexed nominal value) - protect against inflation, but their yield is realized at maturity or sale.

3. OFZ-PK (with floating coupon) - have high liquidity, for example, OFZ 29014, 29024, 29016.

This overview was presented by Alexei Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.