Rus News Journal

Life on loan manages all more cheaply

Feature of the market of state credit obligations - federal loan bond yesterday there was a simultaneous carrying out secondary the auction
  Life on loan manages all more cheaply
Feature of the market of state credit obligations - federal loan bond yesterday there was a simultaneous carrying out of the secondary auctions by state papers and primary auction. However, unexpectedness has not occurred. Placing of new papers 141 - j has passed series of state credit obligations so successfully, as before. The Ministry of Finance has placed almost all issue (for the sum nearby 3 mlrd rbl.) Thus profitableness has made 16,3 % annual (slightly less, than at the previous auctions). By estimations of traders, the release most part banks and the organisations approached to the financial authorities (again bought up the Savings Bank, VTB, ARKO). However, VTB recently has placed own two-year bonds about profitableness more than 18 % annual, therefore it hardly has a necessity to get less profitable state papers in great volumes.
the secondary auctions passed briskly enough - the volume of operations has exceeded 740 million rbl. Thus profitableness of three-year papers has fallen to a mark of 39 % annual. The last months it there was that psychologically important level on which dealers usually fixed profit. However aggressive sales yesterday it was not observed that it is possible to connect with more weighed approach of participants of the market to investments into state papers. Within the next few days operators expect new decrease in the rate of refinancing of the Central Bank and behave more carefully.
the Dollar exchange rate on Wednesday has continued smooth decrease. The currency offer on ETS on - former exceeds demand ($228 million against $175 million accordingly). And the central bank habitually acted in a role of the buyer. However, yesterday its acquisitions were not so great - by estimations, they have made $30 - 40 million However it has not prevented to finish the morning auctions on a mark 28,29 rbl./ $ - for 2 copeck more low, than on Tuesday. At day session dealers behaved passively enough: the volume of the auctions has made all $85 million, and the course kept in a range 28,3025 - 28,3175 rbl./ $. According to dealers, within the next few days the situation hardly will change also a dollar exchange rate will decrease on 1 - 2 copeck a day.