Russia's Finance Ministry Auctions Record 1 Trillion RUB OFZ
The Ministry of Finance of the Russian Federation conducted an auction for the placement of federal debt bonds with a variable coupon rate (OФЗ-ПК) issue 29031RMFS for a record amount of 1 trillion rubles.
Consensus
- The Russian Ministry of Finance conducted an auction for OFZ-PK bonds with a variable coupon.
- The auction volume was 1 trillion rubles.
- Investor demand exceeded the offered amount, reaching 1.4 trillion rubles.
- The proceeds from the auction amounted to approximately 938.9 billion rubles.
- The bonds are set to be redeemed on July 29, 2042.
- Coupon payments are linked to the three-month RUONIA forward rate with daily compounding and a seven-day shift.
- Coupon periods are three calendar months.
- No additional placement of the bonds after the auction will occur.
Points of divergence
- The Ministry of Finance announced that no OFZ auctions will be held to support market stabilization, and that it had previously communicated about resuming additional placements. — vedomosti
- The auction followed a prolonged pause due to market stabilization efforts, and prior attempts at placement had failed due to price disagreements, but this time a compromise was reached with market participants. — kommersant
- The previous OFZ placement occurred on June 3, with a volume of 35.3 billion rubles and demand of 90.87 billion rubles, and no additional placement followed. — vedomosti
- This was the largest single placement since November 2025. — kommersant
Coverage (2 sources)
- Ministry of Finance conducted auction for placement of OФЗ on record 1 trillion rubles — Ведомости
- Ministry of Finance after a pause placed OФЗ at record 1 trillion rubles — Коммерсантъ