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Date: 10 months ago   Category: Finances

Cancellation of an auction for placement of federal loan bond: under what circumstances will the Ministry of Finance return on the market?


The ministry for the third time in a month has cancelled an auction. It has explained the decision with "adverse market conditions". The decision has a little calmed the market, but the situation remains strained by the Photo: Vladimir Gerdo / the Decision of the Ministry of Finance the market hasn't surprised with TASS: it, as they say, already in the price. On Monday, September 10, the yield on ten-year federal loan bonds has reached 9,25%, and three weeks ago slightly exceeded 8,5% per annum. During this time the dollar to ruble has added 5%. The day before, the 11th, profitability of "ten-year schools" has a little fallen — up to 9,1%. Whether there correspond such rates on a national debt to risk level of Russia? It can define only the market. Just now the actions — lack of placement — the government tries to calm him, the portfolio manager Alexander Krapivko:aleksandr Krapivko the portfolio manager "Explains if nonresident outflow continues further, then no these statements will work. People will want to buy at higher rates, respectively, the Ministry of Finance should give these rates. Now it is attempt to exorcise the market. That is we observe such attempts regularly — both on currency, and according to state papers, since summer of 1998 when they were made repeatedly. Time will tell: if outflow continues further, then it is necessary to give an award on profitability. Just now they try to win time". Capital outflow has considerably grown from Russia. So, from January to August the private sector has taken out 26,5 billion dollars from Russia. During the same period of last year outflow was almost three times less. What has to occur that capital outflow from Russia has stopped? Risk factors the president of the Moscow Partners company, professor of Higher School of Economics Evgeny Kogan:evgeny Kogan the managing director of the Moscow Partners company "The most important factors which are very important today lists, two. First, investment climate — we only speak about it and we do nothing: let's create normal investment climate when businessmen want to invest money in the companies, understanding that nobody will take away from them. Understanding that the state somehow helps them with work and gives sacred guarantees of a private property, in any forms. Second situation: sanctions. Exist besides us: we want it or we don't want - it is objective reality. Because America so wants, we can make with it nothing, nobody, as they say, died of it. At least, while these sanctions have character unpleasant, I would even tell, very unpleasant. Nevertheless not deadly, and our economy, in principle, in case prices of oil don't fall, I think, somehow will cope with it". At the end of the week the meeting of the Central Bank will take place, many participants of the market expect that there the decision to raise a rate will be made. It, in turn, will affect federal loan bond yield towards increase. If to follow formal logic of the Ministry of Finance, then you shouldn't place a national debt at those raised rates absolutely. But in practice placed above. Most likely, the ministry waits for return of appetite

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