Page 93 - bneIntelliNews monthly country report Russia May 2024

OFZs remained nearly unchanged, despite banks purchasing new issuances in March totaling around 150 billion rubles. Some banks sold a portion of these bonds on the secondary market and recognized a negative revaluation of around 70 billion rubles due to the ongoing increase in OFZ yields across all maturities.
In March, the Russian Ministry of Finance placed OFZs totaling approximately 247 billion rubles (compared to 258 billion rubles in February), all with fixed coupon income. The primary buyers of these new issuances were banks, accounting for around 60% of the total volume (153 billion rubles), followed by non-state pension funds (NPFs) under trust management, comprising approximately 30%.
93 RUSSIA Country Report May 2024 www.intellinews.com