The market of promissory notesthe Certain fears stated by dealers still in the end of last week concerning possible falling of a course of the state short-term bonds, have not proved to be true. As well as all last week, the majority of dealers went a bull bonds of all series. Thus the greatest volume of transactions has been made with three-monthly bonds 14, 15 and 16 - j series, and also with six-monthly state credit obligations of last release. The greatest growth of a course was shown by six-monthly state credit obligations 5 and 6 - go releases. So, securities 5 - j series have grown on 1,74 points, and 6 - go - on 1,44 points. According to experts, the greatest gain of a course of these papers speaks that till now they have been strongly underestimated. First of all it concerns state credit obligations of last, 16 - j the series which course after primary auction has appeared marvellously low.
active speculation for the rise of a course of state bonds has led to appreciable decrease in their profitableness. So, profitableness to repayment of three-monthly bonds of all releases and six-monthly bonds 2 and 3 - go release have appeared below 100 % annual. It is necessary to notice also that the bond rate 14 - j the series which repayment will occur only in a month, has appeared equal 96 % to face value. Obviously, it also became the reason of that transactions with these papers has been concluded slightly - on 22,45 mlrd rbl. while last week the volume of transactions with them stably exceeded 30 mlrd rbl.
growth of a course of currency bonds of the Ministry of Finance Has stopped yesterday. According to experts, it is connected by that the foreign investors who were actively buying up the bonds last week, have temporarily suspended operations with them. Probably, it is a tactical move of the investors who have solved some to bring down the prices before the next buying up of large packages of securities.