The Russian Ministry of Finance has made a powerful return to the debt market after a long pause. The agency successfully placed the entire volume of a new issue of federal loan bonds with a variable coupon (OFZ-PK) series 29031 worth 1 trillion rubles. This is the largest one-time placement since November 2025, and it took place at an auction on September 2, 2026.
Demand from investors proved impressive: bids exceeded the supply by almost 1.4 times, reaching 1.424 trillion rubles. Such high activity suggests that market participants have missed high-quality instruments with protection against interest rate risk and are ready to increase their positions in government securities.
Deal details and technical nuances
The weighted average sale price was 92.5122% of par value, and the cut-off price was 92.5000%. Proceeds from the placement reached 938.9 billion rubles. The bonds are scheduled for maturity in July 2042. Notably, no additional placement was conducted after the auction — the entire limit was selected instantly.
The new issue has an important technical feature. Unlike classic floaters tied to the average RUONIA rate, the coupon here is calculated based on a three-month version of the indicator with daily capitalization and a 7-day shift. Payments occur once a quarter, making the instrument more predictable for long-term investors.
It is worth recalling that in the summer, the Ministry of Finance announced a suspension of trading to stabilize market conditions. Previous placement attempts failed due to price disagreements, but this time the agency managed to find a compromise with the market, which is a positive signal for the entire financial sector.
Parallel agenda: cryptocurrencies
The Ministry of Finance's activity in the classic debt market coincides with its work on regulating digital assets. The agency has prepared rules for retail investors' access to cryptocurrencies: unqualified participants will only be able to invest in a limited set of coins based on market capitalization criteria. The list includes Bitcoin, Ethereum, BNB, XRP, as well as the stablecoins USDT and USDC.
For non-professionals, an annual investment limit of 300 thousand rubles through a single intermediary is provided. Deputy Finance Minister Ivan Chebeskov emphasized that for most citizens this is a significant but controlled amount. Asset selection will be based on an average market capitalization over two years exceeding 5 trillion rubles.
In parallel, approaches to stablecoins are being discussed, but detailed rules will appear later. According to Chebeskov, they will only be addressed in the next stage, linking the work to parliamentary support and the completion of the basic law.
My analysis: Record demand for OFZ-PK demonstrates that large capital is seeking reliable anchors amid uncertainty, while the parallel introduction of regulated access to crypto is forming a two-circuit financial system. For the retail investor, this means the emergence of a legal bridge into digital assets, but with strict restrictions that, in my view, will only strengthen confidence in the market in the long term.