Russian Government Bond Index RGBI Drops 0.1% to 112.08 Basis Points on Tuesday

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On Tuesday, the Russian government bond index MCXRGBI fell by 0.1% to 112.08 basis points.

The trading dynamics of the most liquid Federal Loan Bonds (OFZ) are as follows:

- OFZ series No. 26247 +0.1%;

- OFZ series No. 26248 -0.2%;

- OFZ series No. 26238 +0.1%;

- OFZ series No. 26246 +0.1%.

MCXRGBI is 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 OFZ issues with fixed coupons (OFZ-PD), such as OFZ 26248 and OFZ 26245, which have a high share in 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.

Important characteristics of liquid OFZ bonds:

1. Fixed coupon bonds (OFZ-PD) - the most in demand due to predictable coupon payments, for example, issues maturing in 2034-2041.

2. Index-linked nominal bonds (OFZ-IN) - protect against inflation, but their yield is realized at maturity or sale.

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