The ruble: the Results of auction the Ministry of Finance of the Russian Federation contradictory

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The Finance Ministry held on the eve of the next auction on placement of OFZ, and the results were mixed: on the one hand, the Agency has attracted as much as a week earlier – 20 billion rubles, and on the other, the Finance Ministry failed to sell all the papers, the planned volume was greater.
First edition, 26224 with a constant coupon yield, sold out almost completely, the Ministry of Finance raised of 14.94 billion rubles, with the limit of 15 billion rubles, the Yield was at the level of 8.81% per annum. Applications have been more, but the prices were for the office, uninteresting. Second edition, 26223, with the limit of RUB 10 billion sold only half raised was 5.15 billion RUB. Here the situation is exactly the same: the application is, but the Finance Ministry does not want to sell OFZ bonds at a large discount to the market.
The fact that the market is interested in the OFZ, but wants to buy the debt cheaper means that the demand is very limited, and investors do not want to pay in light of the risks involved. On the secondary OFZ market yesterday the situation was minor due to the deterioration of the external background.
Until the end of the year with high probability the structure of the auctions of the Ministry of Finance will remain current, despite the fact that the Agency is quite flexible as to offer. While there is no discount or ultra interesting offers for purchase, the volume of funds will remain average. For the ruble it is a neutral factor because the demand is still there. However, on Wednesdays when there are auctions of the Ministry of Finance, we can hardly count on the support of the Russian currency this way.
Anna Bodrova,
Senior analyst,