Bank of Russia has sufficed only on one auctionsAs well as promised the Ministry of Finance, the secondary auctions g
the Bank of Russia has sufficed only on one auctions
As well as promised the Ministry of Finance, the secondary auctions by state bonds on the Moscow Interbank Stock Exchange on January, 15th have renewed. However transactions for two days it is concluded so a little what to speak about revival of the market of state papers it is not necessary yet.
for Renewal of the auctions waited all. The Russian owners of state bonds - in hope to sell them and to return at least a part zavisshih in the market of money, foreigners - at last to estimate scale of losses in Russia. At last, “ new “ tools should become alternative to dollar.
anything it has not occurred. If in the first day of the auctions in the market some tens transactions for the sum about 1 million rbl. ($45 thousand) have been concluded That yesterday - all on 103 thousand rbl. Thus on Friday on January, 15th the basic volume of transactions has had on Bank of Russia. Profitableness of state bonds has made about 120 % annual.
low activity of dealers is explained by the joint statement which has appeared on January, 14th of the Ministry of Finance and the Central Bank: “ In order to avoid a manipulation in the secondary market of state papers for carrying out of an innovation by trading system demands only at the prices at which profitableness of bonds does not exceed the doubled rate of refinancing " are accepted by the prices;. That is there are more 120 % annual. Real interest rates in the market now are in area 180 - 200 % annual.
one more result of the first auctions: the re-structured bonds in the market have not appeared yet, and transactions consisted only from federal loan bond with terms of repayment after 2000 (these are unique papers payments on which have not been frozen on August, 17th, 1998). Many owners of the frozen state credit obligations and federal loan bond considered that it is necessary to wait renewal of the secondary auctions and already after that to make the decision on re-structuring of debts of the Ministry of Finance. Now investors again at deadlock: debts of the Ministry of Finance cannot be estimated, as there is no real secondary market.
according to participants of the market, any changes at the auctions by state bonds will not be at least two months which have remained before the termination of an exchange of old bonds on new. By the same time will expire also period of validity of restrictions on the profitableness, established by the Ministry of Finance and the Central Bank. At last, the Ministry of Finance will be obliged to clear, what destiny neobmenennyh securities will be. It is rather probable that already in the near future investors, both Russian, and foreign, will undertake new attack to the government to soften conditions of re-structuring of a debt.
is more detailed about the beginning of the auctions of federal loan bond and possible variants of succession of events - in weekly journal future issue “ - Money “
VADIM - ARSENYEV