The Ministry of Finance will not resume the issuance of “people’s” OFZ due to the growth of financial literacy of Russians
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When launching the issue of “people’s” federal loan bonds (OFZ-n), the Ministry of Finance was guided by the goals of increasing the financial literacy of Russians and attracting them to the markets. According to the ministry, now these goals have been achieved, therefore, further issues of OFZ-n are not planned. The issue of such bonds began in 2017 and was terminated in March 2022.
“People’s” OFZ (OFZ-n) are securities issued by the Ministry of Finance for distribution exclusively among individuals. They are distinguished by lower risks and a simpler purchase procedure (compared to marketable bonds). The circulation period of OFZ-n is three years, the coupon is paid every six months.
“For individuals, OFZs of other types are available for purchase both on the secondary market and at initial placement … OFZs can be purchased through professional participants in the securities market licensed by the Bank of Russia,” reads a press release on website Ministry of Finance.
Until 16:30 Moscow time on December 30, VTB, Sberbank, Promsvyazbank and Post Bank will accept applications for the redemption of OFZ-n of several issues (No. 5300 (5/6/7/8/9RMFS).
March 9 Ministry of Finance suspended placement of OFZ-n, explaining this by the deterioration of borrowing conditions. All obligations under the already placed OFZ in the department promised to fulfill.
Read more about the concept of OFZ-n – in the material “Kommersant” “People’s OFZ for wealthy clients”.
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