Russian Government Bond Index (MCXRGBI) Up 0.8% to 120.08 Basis Points on Thursday

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On Thursday, the Russian government bond index (MCXRGBI) showed a growth of 0.8%, reaching a level of 120.08 basis points.

Below is the trading dynamics of the most liquid federal loan bonds (OFZ).

- OFZ issue No. 26247 -0.2%;

- OFZ issue No. 26248 +0.1%;

- OFZ issue No. 26238 -0.2%;

- OFZ issue No. 26246 +0.1%.

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

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

Key characteristics of liquid OFZ bonds:

1. OFZ-PD (with a fixed coupon) - the most in-demand due to the predictability of coupon payments, for example, issues with redemption in 2034-2041.

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

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

This overview was presented by Alexey Grishchenko, Doctor of Economics, 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.