Rus News Journal

The market of promissory notes

federal loan bond Auction: one day which has not shaken the world

by the Most considerable event in the market of the state promissory notes became past week the first auction of bonds of a federal loan. However, occurrence of new papers has not affected market conditions: profitableness of state credit obligations continued to fluctuate around a mark of 78 % annual. Operations with currency bonds were considerably reduced, and some participants of the market connect it with approach of stagnation traditional for summer. The beginning of the exchange auctions by these securities on the Moscow Interbank Stock Exchange has not helped even.

Turns of the secondary auctions by state bonds (without them dorazmeshchenija) slowly but surely continue to grow - with 500 - 540 mlrd roubles a day in the end of May they have increased now almost to 600 mlrd roubles. On increase in volume of the auctions introduction in the reference of new securities - bonds of a federal loan (their first auction has taken place last Wednesday) has well affected first of all. Only on them the trade turnover for some days last and the beginning of this week under federal loan bond has made more than 200 mlrd roubles (truth, with the account dorazmeshchenija the Central bank of bonds approximately on 100 mlrd rbl.) . To explain such popularity of new papers it is possible absence in the market of an accurate tendency of change of profitableness of state bonds. In these conditions a little overestimated in comparison with market profitableness of federal loan bond (94 % annual at the average price) has appeared as are impossible by the way, and dealers have directed considerable means on purchase of these papers. However, already next day profitablenesses of federal loan bond and state credit obligations were practically made even.
several weeks ago experts marked absence of obvious tendencies on a bond market of an internal currency loan. Now the situation in this sector of the financial market has considerably changed. According to experts of investment bank MFK - the Moscow partners here now all signs of the narrow summer market are observed. Activity of wholesale merchants considerably slept from - for decrease in appeal of currency actives, the small banks from time to time throwing the means in various actives while operate in the market actively enough. These seasonal changes the trade structure in which the volume of operations with papers 4 and 5 - go tranches much more exceeds a similar indicator under bonds 2 and 3 - j series speaks. At the same time for each tranche the minimum sum with which help the bank can " has decreased; to shake the market (from $60 million to $30 million last week). And the great occasion in market VVZ - the beginning of the auctions on the Moscow Interbank Stock Exchange - was apprehended by participants of off-exchange trade sceptically enough (see from June, 17th).
Quotations of exchequer obligations again raise, and their profitableness has passed for a mark of 100 %. Simultaneously, under the certificate of traders, falls and without that low liquidity of securities. However, increase of quotations on short series here - here should stop - according to experts of the company the Capital - strategy level of profitableness of autumn series (if them not to exchange for tax clearings) exceeds profitableness of all other state promissory notes.