09 June 2004 11:13
OFZ bonds edge up, down Wednesday
MOSCOW. June 9 (Interfax) - Quotes for most OFZ bonds edged up and down Wednesday in thin trading.
Analysts attribute the lack of a common trend to the low trading volumes that are due to unappealing yields, a large
concentration of bonds with one or two major players, the summer season factor, and a drop in ruble supply in the
banking system.
Although the drop in ruble supply is important it does not have a very large impact on the government ruble bonds
market because if ruble liquidity was high most investors would prefer to invest in corporate bonds, analysts said.
OFZ-AD 46002 bonds saw the biggest drop in prices at 41 basis
points to 107.59%. Other OFZ bonds edged up and down by just 2 to 6
OFZ trading volume totaled just 222.815 million rubles, of which over 87% was concentrated in deals with four OFZ-AD
bonds.
OFZ-AD 46003 (maturing in 2010) were most heavily traded with volume of 68.270 million rubles. Prices slid 6 basis
points to 111.92% of face value.
Volume totaled 45.181 million rubles for OFZ-AD 46001 (maturing in 2008), 40.408 million rubles for 46002 (maturing
in 2012), and 41.587 million rubles for 45002 (maturing in 2006), although that was in just one transaction.
basis points.
Weighted average yield for OFZ-AD and OFZ-FD bonds climbed 0.43% to 7.08%.
There were five deals with GKO 21172 bonds totaling 10.402 million rubles.
Analysts do not expect any major changes on the market Thursday. [RU ASIA EUROPE EEU EMRG GVD INSI] me
[Interfax] |
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