Russian Bond Index MCXRGBI and Major OFZs Under Pressure

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MCXRGBI Index (Russian Government Bonds) rises by 0.1% to reach 116.40 basis points on Wednesday.

Below is the trading dynamics of the most liquid Federal Loan Bonds (OFZ) series:

- OFZ Series No. 26247: -0.1%

- OFZ Series No. 26248: -0.1%

- OFZ Series No. 26233: -0.1%

- OFZ Series No. 26243: -0.1%

Liquid OFZ bonds typically include long-term OFZ-PD series with fixed coupons, such as OFZ 26248 and OFZ 26245, which have a high share in trading volume. Additionally, there are OFZ-IN series with an indexed nominal value and OFZ-PK series with a floating coupon, each with different characteristics and purposes.

The MCXRGBI index serves as a key indicator of the Russian debt market, reflecting the dynamics of the entire spectrum of government securities.

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 Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management of the Faculty "Higher School of Management" at the Financial University under the Government of the Russian Federation.