OFZ market appears resilient amid growth of government bond offerings in November–December 2022
19 January 2023
News
Floating-rate notes (OFZ-PK) turned out to be in the highest demand at OFZ auctions, according to the new issue of the Financial Market Risks Review. The increase in investments in OFZ-PK enabled banks to reduce interest rate risks.
The growth of primary offering, including in yuan, accelerated in the corporate bond market in November—December 2022. Consequently, the volume of this market increased by 11% to 18.9 trillion rubles in 2022. The volume of yuan-denominated securities in ruble terms reached 552 billion rubles.
At the end of the year, the FX market witnessed a weaker ruble caused by transitory factors. In the last days of December, banks showed higher appetite for the CNY/RUB interest rate swap to regulate open currency positions.
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