OFZ Bond Market Sees Surge in Retail Investor Participation
February 17, 2026 at 04:35 PM478 views
Government Bond Market
Retail investor participation in the Russian OFZ market has reached record levels, with individuals now holding 3.8 trillion rubles in government securities.
Driving Factors
- High coupon yields of 13-14% on new issues
- Simplified purchase through banking apps
- Tax incentives for long-term bond holding (IIS-3 accounts)
Yield Curve
- 1-year OFZ: 15.2%
- 5-year OFZ: 13.8%
- 10-year OFZ: 13.1%
The inverted yield curve reflects market expectations of future rate cuts by the CBR.
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