Banks bought back almost all OFZs placed at the end of 2022
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From November to December 2022, the Ministry of Finance of Russia placed federal loan bonds (OFZ) at auctions for a total amount of 2.916 trillion rubles, follows from review financial risks of the Central Bank. The main buyers of OFZs were systemically important credit institutions (SICIs), which bought back 90.7% of all bond placements in two months.
The review of the Central Bank notes that securities with a floating coupon (OFZ-PK) were in the greatest demand at auctions, they accounted for 80.6% of the volume of placement. In total, in 2022, the volume of OFZ-PK in circulation increased by 2.037 trillion rubles. and amounted to 38.2% of the total volume of the OFZ market.
At the OFZ secondary exchange auctions in November-December last year, the main sellers, as well as a month earlier, were SZKOs. Credit institutions sold securities in the amount of 82.4 billion rubles. In October 2022, the total amount was RUB 71.3 billion. The average daily trading volume for the last two months of 2022 increased by RUB 4.7 billion. compared with October and amounted to 17.8 billion rubles.
Thus, the regulator notes, SZKOs reduced the absolute volume of OFZs with fixed coupons in favor of OFZs with floating coupons, which reduce the risk of losses due to unfavorable changes in interest rates.
Earlier, the Russian Ministry of Finance offered investors, in addition to OFZs with a constant coupon, to purchase government bonds with a variable denomination, which depends on the level of inflation. Demand for securities amounted to a record for two years 107 billion rubles, and placement – 36.3 billion rubles, more than a third of the total borrowings on that day.
More details – in the material “Kommersant” “Investors estimated inflation”.
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