### Russian Government Bond Index Dips Slightly
The MCXRGBI index (Russian government bonds) is down 0.1% on Wednesday, standing at 111.95 basis points.
Here is the trading dynamics of the most liquid Federal Loan Bonds (OFZ):
- OFZ series No. 26247: -0.1%
- OFZ series No. 26248: -0.2%
- OFZ series No. 26233: -0.1%
- OFZ series No. 26243: -0.1%
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.
The MCXRGBI index serves as a key indicator of the Russian debt market, reflecting the dynamics of the entire range of government securities.
### Key Characteristics of Liquid OFZ Bonds:
1. **OFZ-PD (Fixed-Coupon Bonds)** – These are the most popular due to predictable coupon payments, such as issues maturing in 2034-2041.
2. **OFZ-IN (Indexed Nominal Value Bonds)** – These protect against inflation, but their yield is realized only at maturity or upon sale.
3. **OFZ-PK (Floating-Coupon Bonds)** – These have high liquidity, for example, OFZ 29014, 29024, 29016.
The overview was presented by Alexey 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.