The Finance Ministry recognized the auction OFZ failure

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The Finance Ministry recognized the auction of five-year bonds (OFZ) for 10 billion rubles failed. As stated in the message Department, the decision was made “in the absence of bids at acceptable price levels”.
For ruble-denominated sovereign debt of Russia has come not the best times. All the main debt ratios Russia – a first-class borrower. Gross external debt is approximately equal to international reserves, and the relationship of sovereign debt to GDP is one of the best in the world.
However, the market is too much uncertainty. This primarily concerns the exchange rate, are partly responsible themselves Russian monetary authorities: Central Bank of the Russian Federation in January returns to the currency market with interventions. Plus the uncertainty of oil prices and prospects of dynamics of a rate of FRS of USA. And, of course, investors remember the sanctions that can be imposed on sovereign ruble debt. To accurately predict market conditions in the first quarter of 2019 hard. However, with a high probability of interest rates will be higher.
Alexander Razuvayev,
The Director of analytical Department,