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  Tuesday, June 2, 2020
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The Russian Finance Ministry has held an auction to float the longest-dated federal loan bonds (OFZs) to date
The Russian Finance Ministry has held an auction to float the longest-dated federal loan bonds (OFZs) to date, the Central Bank said Wednesday. The Finance Ministry floated OFZ-ADs (debt-depreciation coupon-income federal loan bonds) of additional issue No. 46020 to a total of 8.88 billion rubles (about $322 million), maturing on February 6, 2036. Demand equaled 13.02 billion rubles (about $472 million) at par and 13.11 billion rubles (about $475 million) at market value. The auction cutoff price was 99.4222% of face value, with a yield of 7.07% per annum. The auction average-weighted price stood at 99.6952% of par value, with a yield of 7.05% per annum. The issue will be redeemed by equal portions of 25% of par value on August 9, 2034, February 7, 2035, August 8, 2035, and February 6, 2036. The Finance Ministry will pay the first coupon at 6.95 percent p.a. on August 16, 2006. The first coupon payment will be 34.65 rubles (about $1.25) per bond. The bonds have par value of 1,000 rubles (about $36.2). In compliance with its borrowing policy, the Russian government is taking measures to replace foreign debt with domestic borrowings. Foreign debt will account for 60.2% of Russia's total state debt in 2006, with domestic debt at 39.8%. The proportion of foreign debt will fall to 53.5% in 2007, to 47.2% in 2008, and to 42.6% in 2009, the finance ministry said.
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