Russia's first CPI-linked bonds placed on Moscow Exchange
Russia's first CPI-linked federal government bonds, to be known as OFZ-INs, were placed on Moscow Exchange (ticker: MOEX) on 17 July.
The security was placed at 91% of its nominal value amounting to RUB 1,000 as of 17 July. The security"s principal value will be adjusted in line with movements of the Russian Federation's Consumer Price Index (CPI). The bonds have an 8-year maturity and a fixed 2.5% coupon rate.
Investors bought bonds for a total of RUB 52.0 bln, a daily record in OFZ (federal government bonds) offerings on Moscow Exchange. The order book comprised 191 bids from 46 trading participants. A total of 148 investors, of whom 39% were banks and brokers, 45% were Russian pension funds and local institutional investors, 15% were international investors, and 1% were domestic private investors, participated in the placement.
About Moscow Exchange
Moscow Exchange Group manages the sole multifunctional exchange platform in Russia for equities, bonds, derivative instruments, currencies, money market instruments and commodities. The Group includes the central depository (National Settlement Depository), and a clearing centre (National Clearing Centre), performing the functions of central counterparty on the markets, which allows Moscow Exchange to render the full spectrum of trading and post-trading services to its clients.
Moscow Exchange ranks among the world's top 25 exchanges by total volume of equities traded, and also among the 10 largest exchange platforms by bonds and derivatives trading. As of 1 May 2015 securities of 728 issuers are admitted to trading on the securities market of Moscow Exchange, including securities of the largest Russian companies by market capitalization.
Moscow Exchange was formed in December 2011 as a result of a merger between Russia's two main exchange groups — MICEX Group, the oldest domestic exchange and operator of the leading securities, foreign exchange and money market platform in Russia; and RTS Group, at the time the operator of Russia's leading derivatives market. This combination created a vertically integrated public trading market across most major asset classes, which was reorganized into an open joint stock company (OJSC) and was named Moscow Exchange. Moscow Exchange held the initial public offering of its shares on 15 February 2014 (ticker MOEX).
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