Page 50 - UKRRptSept18
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Previous reports suggested that foreign investors were pulling out of the OFZ marke t, with large local state banks and their pension funds absorbing the volumes being sold off. The bonds of Russian state-controlled development bank Vnesheconombank (VEB) also suffered .
"The decision of Russian debt managers to cancel today’s regular weekly auction is prudent in our view, especially against the backdrop of ongoing FX purchases by the CBR [Central Bank of Russia] for the MinFin," Raiffeisen argued on August 22, while adding that "OFZs look cheap at the moment and would consider to adding exposure once RUB FX stability becomes more sustainable."
50 UKRAINE Country Report September 2018 www.intellinews.com
