OFZ: Temporary improvement

RUSSIA ECONOMICS - Report 27 Nov 2023 by Evgeny Gavrilenkov

Recent weeks have been very successful for the OFZ market. Despite the CBR's key-rate hike to 15% at the end of October, the yield growth in government bonds turned out to be limited. At the same time, demand increased in the primary market, which allowed Minfin to boost borrowing. Apparently, investors believe that the CBR will begin its rate-cutting cycle in 2024 and hence see some good potential in OFZs. However, inflationary pressure from budget expenditures and the upcoming increase in borrowing in 2024 may postpone the positive scenario.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.