Russian bond index MCXRGBI falls 0.1% to 111.28 basis points on Monday

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In Monday trading, the Russian Government Bond Index (MCXRGBI) fell by 0.1%, reaching a level of 111.28 basis points.

Trading activity for the most liquid Federal Loan Bonds (OFZ) was as follows:

- 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 MCXRGBI 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 account for a high proportion of trading volume. There are also issues 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 maturity or sale.

3. OFZ-PK (floating coupon): 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 of "Higher School of Management" at the Financial University under the Government of the Russian Federation.