On Thursday, the MCXRGBI Government Bonds Index grew by 0.5%, reaching 116.80 basis points.
Below is the trading performance of the most liquid Federal Treasury Bonds (OФЗ).
- OФЗ Issue #26247 +0.1%
- OФЗ Issue #26248 +0.2%
- OФZ Issue #26238 +0.2%
- OФЗ Issue #26246 -0.1%
The MCXRGBI Government Bonds Index is a key indicator of the Russian debt market, reflecting the overall dynamics of government securities.
The most liquid OФЗ typically include long-term OФЗ with fixed coupons (OФЗ-ПД), such as OФЗ 26248 and OФЗ 26245, which dominate trading volumes. Other types include inflation-linked bonds (OФЗ-ИН) and floating-rate bonds (OФЗ-ПК), each with distinct characteristics and uses.
Key characteristics of liquid OФЗ:
1. OФЗ-ПД (fixed coupon) - highly popular due to predictable coupon payments, e.g., maturities in 2034-2041.
2. OФЗ-ИН (index-linked) - provide inflation protection, but realized returns are realized at maturity or sale.
3. OФЗ-ПК (floating-rate) - high liquidity, e.g., OФЗ 29014, 29024, 29016.
The analysis was presented by Alexei Grishchenko, Ph.D., Professor at the Department of Operational and Industry Management, Faculty of "Higher School of Management," Financial University under the Government of the Russian Federation.