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The Ministry of Finance is breaking the profitability mold.
Today the Ministry of Finance is holding OFZ auctions and the first auction for batch 26242 took place with a yield of 18.42% 🤯
This is significantly higher than in previous batches. From 16.55% to almost +2% in 2 weeks
Before that, the Treasury had increased its yield a little bit. Now here's something new. It's above the expected deployment limit. It's above the average expected key interest rate this year.
The collection was somewhat normal, but still not good enough. That's 24 billion rubles. (The quarterly plan of 2.4 trillion rubles was barely fulfilled)
On the one hand, the ruble is weakening. On the other hand, aggressive lending by the Treasury. The Russian Government Bond Index (RGBI) has been growing recently due to the large-scale redemption of OFZs (400 billion rubles) and the Finance Ministry's refusal to issue OFZs with coupon extensions last week, but has fallen after these placements. 📉🐳
We will discuss this in more detail this evening. We will wait for the results of the second auction of OFZ 26248 and inflation data.