Page 118 - RusRPTMay21

floating-rate bonds, Bloomberg reported.
At the same financial chaos in Turkey where Turkish president Recep Tayyip Erdogan sacked his widely respected central bank governor after only four months on the job has caused the currency to crash.
The successful large issue of OFZ on March 31 was largely been bought up by Russian state-owned banks. VTB Capital bought half the issue by itself on March 31.
The yield on Russian 10-year ruble bonds dropped 8 basis points to 7.04% on March 31 , trimming the jump over the quarter to 113 basis points. The ruble traded up 0.7% at 75.3250 per dollar, set for a 1.2% drop in the quarter. But at subsequent auctions the rate rose to 7.2%.
In the last few years the OFZ yields have been trading in a band between 5% and 9%.
118 RUSSIA Country Report May 2021 www.intellinews.com