### Russian Government Bond Index Dips Slightly
The MCXRGBI index, which tracks Russian government bonds, fell by 0.1% on Wednesday, settling at 115.37 basis points.
Here is the trading activity for the most liquid Federal Loan Bonds (OFZ):
- OFZ series № 26247: -0.1%
- OFZ series № 26248: +0.1%
- OFZ series № 26233: -0.1%
- OFZ series № 26243: -0.2%
Liquid OFZ bonds typically include long-term issues with fixed coupons (OFZ-PD), such as OFZ 26248 and OFZ 26245, which account for a large portion of trading volume. There are also bonds with indexed nominal values (OFZ-IN) and variable coupons (OFZ-PK), each with different characteristics and purposes.
The MCXRGBI index serves as a key indicator of the Russian debt market, reflecting the performance of the entire spectrum of government securities.
### Key Characteristics of Liquid OFZ Bonds:
1. **OFZ-PD (Fixed-Coupon Bonds)**: These are the most popular due to their predictable coupon payments, such as issues maturing between 2034 and 2041.
2. **OFZ-IN (Indexed Nominal Bonds)**: These protect against inflation, but their returns are realized only at maturity or sale.
3. **OFZ-PK (Floating-Coupon Bonds)**: These have high liquidity, for example, OFZ 29014, 29024, and 29016.
This overview was presented by Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management at the Higher School of Management of the Financial University under the Government of the Russian Federation.