Russian Government Bond Index MCXRGBI Drops 0.3% on Thursday

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MCXRGBI Government Bond Index Falls 0.3% to 117.93 Basis Points on Thursday

Below is the trading dynamics of the most liquid Federal Loan Bonds (OFZ), which are the key securities in the Russian debt market.

- OFZ issue No. 26247: -0.1%

- OFZ issue No. 26248: -0.1%

- OFZ issue No. 26238: +0.1%

- OFZ issue No. 26246: +0.1%

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

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

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

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

This overview was presented by Alexei Grishchenko, Ph.D., 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.