10 June 2004 05:31
OFZ trading picks up
MOSCOW. June 10 (Interfax) - OFZ trading picked up to 456.340 million rubles on Thursday, but despite increased
demand for bonds ahead of the upcoming long weekend, quotes slid for most bonds.
Demand from major players, preferring to invest in OFZ bonds over the long weekend due to volatility on the interbank
loan market, ensured brisker trading.
Liquidity for the bonds that did not follow the general trend was
fairly low. Only OFZ-FD 27025 saw moderate volume of 51.98 million
However, increased sales from mid-scale and small banks, facing problems with current ruble liquidity, pushed quotes
down 5 to 15 basis points.
There were three exceptions: prices tumbled 36 basis points to 103.05% for OFZ-FD 27014 (maturing December 2004), 162
basis points to 100.68% for OFZ-FD 27025 (maturing in 2007), and 87 basis points to 104.13% for OFZ-AD 46014 (maturing
in 2018).
In addition, two issues maturing in 2006 managed to pick up, with prices up 41 basis points to 107.22% for OFZ-AD
45001 and 3 basis points to 104% for OFZ-AD 45002.
rubles, while the other four issues did not see more than 15 million to 20 million rubles in volume.
OFZ-AD 46001 (maturing in 2008) and OFZ-AD 46003 (maturing in 2010) saw the highest volumes of 212.140 million rubles
and 108.625 million rubles.
Average prices fell 12 basis points for OFZ-AD 46001 to 109.92% and 16 basis points for OFZ-AD 46003 to 111.76%.
Weighted average yield for OFZ-FD and OFZ-AD bonds climbed 1.13% to 7.16%.
There were 16 deals with GKO 21172 totaling 72.162 million rubles.
Thursday's OFZ 46009 reverse modified repo auction was acknowledged as invalid because the Central Bank of
Russia received just one bid. However, the Central Bank did hold direct repo auctions and volume totaled 1.02 billion
rubles. Weighted average yields were 7.13% at the morning auction and 7.39% at the second auction.
Analysts say trading could pick up Friday. OFZ prices are unlikely to slump, even if mid-scale and small banks
continue to sell, because demand from the larger dealers ahead of the long weekend will support the market. [RU ASIA
EUROPE EEU EMRG GVD INSI] me
[Interfax] |
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