07 June 2004 08:18
OFZ prices lose 20 to 40 basis points
Tensions on the interbank loan market, caused by problems at
Sodbusinessbank and Credittrust, led to a drop in ruble supply and
MOSCOW. June 7 (Interfax) - Fears about a possible ruble supply crisis in the banking system led to increased sales
and brought OFZ prices down Monday, although major buyers did not let quotes drop by more than 20 to 40 basis
points.
encouraged sales of bonds. Interbank loan market dealers say there are no serious ruble supply problems so far so
aggressive selling was averted.
OFZ trading volume totaled just 262.319 million rubles.
The large investors on the market prefer to raise additional funds from the Central Bank of Russia in direct repo
auctions, which are an alternative to selling bonds, analysts say. It was this group of players that kept the market
from tumbling Monday.
Transactions in the direct repo auctions totaled almost 4 billion rubles and weighted average yields were 7.5% in the
morning auction and 8.01% in the afternoon.
OFZ-AD 46002 (maturing in 2012) saw the biggest drop of 41 basis points to 108.21%. It was followed by OFZ-AD 46003
(maturing in 2010), which fell by 38 basis points to 112.14%. There were 23 deals totaling 45.649 million rubles with
46002 bonds and 13 deals totaling 38.783 million rubles with 46003 bonds.
OFZ-AD 46001 (maturing in 2008) saw the highest volume of 123.203 million rubles. The bonds fell just 20 basis points
to 110.10%.
There were 30 transactions totaling 23.846 million rubles with OFZ- FD 27025 (maturing in 2007) and 36 deals totaling
11.026 million rubles with OFZ-PD 26003 (maturing in 2005). The weighted average price for 27025 bonds fell 25 basis
points to 102.3% and 26003 bonds went down 22 basis points to 102.81%.
Transactions with other bonds were few and far between and did not exceed 2 to 3 million rubles.
Weighted average yield for OFZ-FD and OFZ-AD bonds went up 1.6% to 6.99%.
There were two deals with GKO 21172 bonds totaling 19.81 million rubles.
Analysts say sales could continue on Tuesday if the situation remains tense on the interbank currency market. Without
knowing what strategy the major players will select it is difficult to say how far quotes will fall, analysts said. [RU
ASIA EUROPE EEU EMRG GVD INSI] me
[Interfax] |
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