Russia to Resume OFZ Auctions on Sept. 2
The Russian Ministry of Finance will hold an auction on September 2 for the placement of federal debt bonds with a variable coupon rate (OФЗ-ПК) issue No. 29031RMFS,
Consensus
- The Russian Ministry of Finance will conduct an auction on September 2 for the issuance of OFZ-PK bonds.
- The auction will involve the 29031 RMFS series of bonds with a maturity date of July 29, 2042.
- Bonds will be issued in the volume of remaining available amounts for this issue.
- Bids will be accepted through Moscow Exchange and St. Petersburg Foreign Exchange Market.
- The bid submission period will run from 12:00 to 12:30 MSK.
- The cutoff price will be announced at 14:00 MSK.
- Settlement of transactions will occur on the next working day.
- The Ministry of Finance previously suspended auctions in July due to increased market volatility.
- The last OFZ issuance before the pause occurred on June 3, with a volume of 35.3 billion rubles and a cutoff yield of 13.53% annually.
Points of divergence
- The Ministry of Finance plans to raise 1.5 trillion rubles in the third quarter, but only one auction was held in July, on July 1, for 10.4 billion rubles. — kommersant
- The OFZ-PK series 29031 has 64 quarterly coupon periods, with the first coupon payment due on October 29, 2026, and coupons tied to the 3-month forward RUONIA rate with daily compounding over a shifted 7-day period. — interfax
- The Ministry of Finance did not specify when the next auctions would be held after the June 23 decision to cancel the June 24 auction. — vedomosti
Coverage (3 sources)
- Minfin will resume auctions for placement of OФЗ — Ведомости
- Minfin will resume OФЗ auctions from September 2 — Коммерсантъ
- Russian Ministry of Finance will hold auction for OФЗ 29031 placement on September 2 — Интерфакс