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Government Bond Index (MCXRGBI) Under Pressure, Drops 0.2% to 115.70 Basis Points
Below is the trading activity for the most liquid federal government bonds (OFZ):
- OFZ Series No. 26247: -0.1%
- OFZ Series No. 26248: +0.2%
- OFZ Series No. 26233: -0.1%
- OFZ Series No. 26243: -0.2%
The Government 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 typically long-term issues with fixed coupons (OFZ-PD), such as OFZ 26248 and OFZ 26245, which have a high share in trading volume. Additionally, there are issues with an indexed nominal value (OFZ-IN) and variable coupons (OFZ-PK), each with different characteristics and suitable for different purposes.
Key characteristics of liquid OFZ bonds:
1. OFZ-PD (with fixed coupon) - most in demand due to predictable coupon payments, e.g., 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, e.g., OFZ 29014, 29024, 29016.
Overview presented by Alexey 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.
