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Date: 9 months ago   Category: Finances

Nonresidents leave. The Ministry of Finance has cancelled an auction for placement of state papers


It is connected with a mass sale of the Russian state papers foreigners. The ministry plans to return for the market after stabilization of a situation. The yield on federal loan bond has grown to levels of the end of 2016 of the Photo: Vladimir Gerdo / TASS the Second time in a year the Ministry of Finance of the Russian Federation refuses placement of the federal loan bonds (FLB) because of a situation in the market. Department already cancelled an auction on April 11 after the announcement of imposition of sanctions from the USA against the Russian public companies. Now the Ministry of Finance has again refused a loan in the market. The reason is simple: at such rates it too expensive, the director of the analytical department "Loco-Invest" Kirill Tremasov:kirill Tremasov the director of the analytical department "Loco-Invest" "Says the Ministry of Finance and the Central Bank continue to be guided by inflation in 4%, and federal loan bond yield on the long end make already 8,7%. It turns out that the real rate of 4,7% is much and by historical standards, and comparing with other emerging markets. Just these operations are deprived of sense, quite right, that the Ministry of Finance has taken a break, signaling participants of the market that at such rates doesn't want to borrow. I think, it will exert a certain stabilizing impact on the market. The major factor is, of course, sanctions risks. Unlike April when foreigners sold, and ours selected, now a situation such that all are afraid of sanctions risks, all have gone, one may say, to deaf defense. Demand and for federal loan bond has disappeared. The ruble is influenced also by the Turkish history which has strongly increased volatility in all emerging markets. This week in Turkey days off, since Monday volatility can return. Most of all uncertainty adds a question of sanctions. With emergence on the website of the U. S. Congress of the bill a mass exit of nonresidents from the market and a sale of federal loan bond has amplified". According to all available data from the Central Bank of Russian Federation, for the end of July the share of nonresidents among holders of the Russian federal loan bonds made 27,5% against record 34,5% to the announcement of April sanctions of the USA. The situation can worsen at the stringent sanctions scenario, but the probability of it is small, the senior portfolio managing director of GICM Group Fedor Bizikov:fedor Bizikov the senior portfolio managing director of GICM Group "Certainly says, outflow of nonresidents from the market of federal loan bond doesn't add to him fortress. An exit of bulk of speculative money has already occurred since the beginning of this year. Strengthening or repetition of that sale which was since the beginning of year can turn out, only if the sanctions scenario goes till a rigid way. Yet it seems as for this purpose there are no bases". Corporations bring means out of the Russian banks the fourth month in a row. In July, according to Raiffeisenbank, legal entities have taken away 3 billion dollars, and a month earlier nearly 5 billion (4,9 billion). Totally since the beginning of April outflow from corporate accounts has exceeded 17 billion dollars (17,3 billion dollars), or 6,5% of client means in currency. The scale of these figures rather essential to exert impact on ruble exchange rate. Outflow has arisen not in itself, the reason in sanctions risks which can lower

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