Russia sells 115.25 billion roubles of OFZ bonds at two auctions

Russia’s Finance Ministry sold 115.25 billion roubles of federal OFZ bonds by face value at two main auctions on October 14. Weighted-average yields were 15.74% for issue 26251 and 16.77% for issue 26245.

Issue 26251, maturing on August 28, 2030, raised 41.771 billion roubles by face value against demand of 110.976 billion. Its weighted-average price was 83.8355% of face value and its cut-off price was 83.82%. Cash proceeds were 35.487 billion roubles.

Issue 26245, maturing on September 26, 2035, was placed at a face value of 73.48 billion roubles against demand of 187.26 billion. Its weighted-average and cut-off prices were both 80.81% of face value, with cash proceeds of 59.57 billion roubles.

Both are fixed-coupon OFZ issues. Face value placed differs from the cash received by the budget because the securities were sold below par. The figures exclude additional placements following the auctions.

The 2026 budget plan envisages gross borrowing of 5.51 trillion roubles and repayments of 1.34 trillion, leaving net borrowing of 4.17 trillion roubles.