Rus News Journal

The market of the state securities

Exchequer obligations disappear from the financial market

Activity of participants of the financial market last week it has appeared at low enough level. The volume of transactions in the market of state credit obligations - federal loan bond has a little decreased, traders of the market of currency bonds of the Ministry of Finance spent the largest conference, and the market of exchequer obligations was narrowed thanks to reductions of issue of these bonds spent by the emitter.

last week the Ministry of Finance has spent small issue of bonds of a federal loan. Thanks to it the market has not tested the big pressure of monetary resources from banks. Market tendencies remained former - profitableness of state credit obligations gradually decreased, and profitableness of federal loan bond was stabilised.
Traders of a bond market of an internal currency loan in the end of last week have gathered on 2 - ju the international conference of participants of market OVVZ, and on Thursday and Friday trade practically was not conducted. On Monday in the market there were tendencies to decrease in quotations of the majority of tranches. Such outcome of conference was not expected, most likely, by anybody from its participants. It was possible to assume that after conference liquidity of the market will increase, however it does not happen. Probably, the behaviour of investors was influenced by data on preparation by the Ministry of Finance to release 6 - go and 7 - go tranches OVVZ. Weaken the market news about a planned external loan of the government of the Russian Federation on $2 billion To decrease could also have appeared papers only 2 - go a tranche which repayment should occur in May of this year are steady enough. However, market tendencies will depend on results of negotiations of Russia with the International currency fund about granting of the credit for the sum $9 billion
the Tendency to profitableness decrease under exchequer obligations (TO) remained and last week. Such situation already remains for a long time without serious changes - profitableness of exchequer obligations changes after profitableness of state credit obligations. However, together with profitableness decrease TO in the market the quantity of traded papers decreases. It is connected first of all with the termination of placing by the emitter of new releases, and also with increase in volumes of repayable papers. As a result all banks and the financial companies expose orders only on purchase TO. The considerable rise in prices on TO with simultaneous reduction of their quantity has led to the termination of existence of such concept, as settlement series (earlier for calculations for the goods and services the cheapest new series were used). Also tax series gradually disappear TO. Their purchase for reception of tax privileges at payments in the budget also becomes unprofitable.