Page 87 - RusRPTNov18

decade, but also be a litmus test of the attractiveness of Russia's largest names in the face of the mounting sanction pressure. The Eurobond buyout offer purchase price was set at 97.4% of par, "implying a generous premium of more than 3pp over Tuesday [October 9] morning's bid quotes," Sberbank CIB commented on October 10.
Russia's Finance Ministry placed only RUB4.1bn ($62.6mn) out of RUB10bn of OFZ federal bonds offered at a weekly auction on October 24. The ministry surprisingly decided to place long 15-year bonds maturing in 2034, after carefully returning to the market with small amounts of shorter-term OFZ issues. Since August the OFZ market has been under heavy pressure and a selloff by foreign investors amid renewed sanction fears. The ministry cancelled four consecutive auctions in September, and returned to the market this month with successful auctions on October 3, October 10, and last week’s RUB10bn placement of six-year bonds.
87 RUSSIA Country Report November 2018 www.intellinews.com