01 June 2004 07:04
OFZ market sees slight fluctuations, thin trading
MOSCOW. June 1 (Interfax) - OFZ quotes fluctuated very slightly in thin trading on Tuesday.
Most dealers hope the Finance Ministry will offer yield premiums
against the secondary market at auction and prefer to stay on the
Dealers attribute the light trading to the upcoming auctions on June 2, in which the Finance Ministry plans to offer
18 billion rubles in three additional OFZ issues.
sidelines for now. Some expect prices to climb after the placements. Redemption and last coupon payment on OFZ-FD
27013 bonds totaling over 15 billion rubles will improve ruble liquidity and encourage demand for OFZ that is unlikely
to be completely satisfied at auction.
Correspondent bank account balances in the Central Bank climbed by 33.3 billion rubles to 175.8 billion rubles.
However, the current obligations balance for the day was minus 37.5 billion rubles, meaning the Central Bank had to take
this amount in ruble liquidity. Thus, the increase in correspondent account balances was completely cancelled out after
banks met their obligations before the Central Bank.
rubles, respectively.
Prices went up 8 basis points to 106.24% for 46014 bonds and 2
Banks continued to face ruble supply problems on June 1 as reflected by interbank loan rates of 10% and direct repo
auction volume of 3.04 billion rubles with average yield of 7.7%.
OFZ trading volume totaled just 294.539 million rubles.
There was one GKO deal totaling 990,000 rubles.
Analysts say Wednesday's market will depend largely auction
OFZ-AD 46014 (maturing in 2018) and OFZ-FD 27018 (maturing in 2005) saw the highest volumes of 74.368 million rubles
and 81.208 million
basis points to 108.82% for 27018 bonds.
Weighted average yield for OFZ-FD and OFZ-AD bonds increased 1.08% to 6.57%. Prices tumbled 128 basis points for
OFZ-FD 27021 (maturing in 2005) to 106.1% in just five deals totaling 9.5 million rubles.
results. The Finance Ministry plans to offer 4 billion rubles in OFZ-FD 27025, 8 billion rubles in OFZ-AD 46002, and
6 billion rubles in OFZ-AD 46003. [RU ASIA EUROPE EEU EMRG GVD INSI] me
[Interfax] |
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