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BofA Trims OFZ Issuance Forecasts (2/2)

RUSSIA
  • In a recent report BofA cut its forecast of gross OFZ issuance to RUB2,500bn this year, down from its earlier RUB3,000bn forecast.
  • Non-oil and gas revenues are running some RUB2,000bn ahead of the budget in annualized terms.
  • Govt has also decided to raise an additional RUB160bn in new export duties from the M&M sector, which will be outside of the regulated O&G tax revenues.
  • This will most likely lead to a material reduction in gross and net borrowing targets during the annual revision of the 2021 budget in late 3Q21.
  • MinFin has managed to raise some RUB1,556bn YTD (US$21bn) as of 8 July.
  • This is only slightly lower than RUB1,776bn raised over the same period last year, when the ministry borrowed a record RUB5,287bn for the whole year.
  • BofA says its new OFZ borrowing forecast leaves MinFin's borrowing needs at less than RUB1,000bn for the rest of the year.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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