The Russian market of public debt, which recently suffered from a record in 2014, collapse, received the support from the Central Bank of the Russian Federation.
Large buyers of debt securities of the government of the Russian Federation appeared on the market September 6. Starting Monday, the wave of buying swept across most issues — the prices have jumped on average by 2%, and the yield of long-term securities fell back below 9%, says Finanz.
As the analyst PSB Michael Poddubsky, the demand came unexpectedly, in the absence of any significant news. The volume of transactions rose sharply and trading turnover in the 9 – and 10-year Federal loan bonds (OFZ) OFZ 26207 26212 and jumped in 3-7 times.
Mysterious buyers were Russian banks, means which directly provided the Central Bank: since the beginning of September, the regulator conducted emission 405 billion rubles, which came into the banking system in the form of loans secured by securities.
That bought Russian players, pre-equipped with the money of the regulator, shows the situation with the currency, says the chief analyst of Bank “GLOBEKS” Victor Veselov. In his view, if it came to non-residents would have seen capital inflows of dollars and the demand for rubles. But in fact, the spread between conventional and ruble cross-currency swap increases every week that says, on the contrary, the demand for dollars, said Veselov.
“Press” the Central Bank is used to save the sinking market debt of the Russian Federation for the second time since the beginning of April. So, the failure of the second quarter, when the resident sold the paper to 350 billion rubles, were purchased using pension funds, pointed out previously, the analysts of Raiffeisenbank.
We are talking about the NPF group “Discovery”, which has received from the Central Bank 282 billion rubles in the process of reorganization of the Bank. Another 1.5 trillion roubles the regulator has poured into the banks rescued at the expense of Fund the consolidation of the banking sector, which could also connect to the shopping.
Own free resources, which could go on lending to the government, most members of the banking system is almost not — on the expectations of sanctions of large banks, there is an outflow of corporate deposits, and the September infusion of the Central Bank, apparently, are designed to compensate for this process, said Raiffeisenbank.
The shortage of currency in the market is partly helped to eliminate the Finance Ministry, rising in the banking system, another $500 million in deposits. The total amount of dollar support banks at the expense of the budget has grown to $1 billion.
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