Russia sovereign debt: Minfin returns to the primary market

RUSSIA ECONOMICS - Report 25 Oct 2022 by Evgeny Gavrilenkov and Alexander Kudrin

After a month-long pause, the Russian Ministry of Finance returned to the primary debt market, placing OFZs totaling R50 bln last week. However, it would be a big stretch to call it a success, because the borrower was forced to offer double-digit yields on fixed-rate paper and, in addition, it placed floating-rate bonds that are popular with investors, primarily commercial banks, but create an additional burden for the budget in terms of interest rate risk. In the current situation, one can expect the Ministry of Finance to continue primary placements, but this volume is unlikely to exceed R500 bln by the end of the year due to the high funding cost.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.