The Ministry of Finance marked OFZ with a record for a year and a half profitability
The Ministry of Finance held the placement of two issues of government bonds with a permanent coupon. The average yield on one of them reached 16.77% per annum, this is the maximum for the auction for the placement of OFZ from February 2025
On Wednesday, October 14, the Ministry of Finance of Russia held two auctions for the placement of federal loan bonds with a permanent coupon (PD). The total volume of placement amounted to лу115.25 billion at par, and the aggregate demand was almost three times higher – ый298.24 billion.
The weighted average yield on the issue of OFZ-PD 26251 was 15.74%, and on the issue of OFZ-PD 26245 - 16.77%. The yield of OFZ at the auction of the Ministry of Finance approached 16.8% for the first time since February 2025, when the Ministry of Finance held under 16.89%.
As part of the first auction, the agency placed the issue of OFZ-PD 26251 with a maturity date of August 28, 2030 for ой41.771 billion. Demand for this output was С110.976 billion.
Results of accommodation:
the volume of demand - чения110.976 billion; the placed volume of output - чения41.771 billion; the proceeds from the placement - чения35.487 billion; the cut-off price - 83.82% of the face value; the yield at the cut-off price - 15.74% per annum; the weighted average price - 83.8355% of the face value; the weighted average yield - 15.74% per annum.
At the second auction, the Ministry of Finance placed the issue of OFZ-PD 26245 with a maturity date of September 26, 2035 in the amount of е73.48 billion with a demand of е187.26 billion.
Results of accommodation:
volume of demand - чения187.26 billion; placed output - чения73.48 billion; proceeds from placement - чения59.57 billion; cut-off price - 80.81% of face value; yield at cut-off price - 16.77% per annum; weighted average price - 80.81% of face value; weighted average yield - 16.77% per annum.
In 2026, the maximum volume of OFZ placement is expected to be no more than лу6.47 trillion at par. According to the budget of the current year, gross attraction is planned at the level of 5.51 trillion (including repayments of 1.34 trillion), net - 4.17 trillion.
Earlier, RBC Investments estimated that in the first nine months of 2026, the agency managed to attract ,4 trillion in terms of net prices (the total quarterly plan for the same period is ,4.2 trillion).
Dmitry Gritskevich, Director of Banking and Financial Markets Analysis at PSB, draws attention to the fact that within the framework of the quarterly borrowing plan, the ministry needs to raise about ь240 billion a week, which, according to the expert, looks very ambitious, given the current market situation.
So far, the tactics of the Ministry of Finance are likely to be reduced to maximizing the placement of OFZ-PD and closing the remainder of the program by floaters towards the end of the year. Thus, the pressure on the middle and long part of the curve of government papers from the primary proposal will remain, Hrytskevich concluded.
Read "RBC Investments" in "Max".
