The Russian Ministry of Finance has taken a landmark step by returning to the domestic borrowing market after a prolonged 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, signaling a renewed trust between the issuer and investors.
Deal details: demand exceeded supply
The auction, held on September 2, 2026, demonstrated impressive dynamics. Total demand from market participants reached 1.424 trillion rubles, exceeding the supply by almost 1.4 times. The weighted average sale price was 92.5122% of the face value, while the cut-off price was set at 92.5000%. The final revenue for the federal budget from this operation reached 938.9 billion rubles.
Notably, the new issue has technical features that distinguish it from previous floaters. Instead of the standard link to the average RUONIA rate, coupons here are calculated based on a three-month version of this indicator with daily capitalization and a seven-day shift. Coupon payments are made quarterly, making the instrument more predictable for long-term investors.
Context: return after a pause
The placement became possible only after the Ministry of Finance announced a suspension of trading in the summer to stabilize market conditions. Previous attempts to enter the market ended in failure due to price disagreements with investors. This time, the parties managed to find a compromise, which confirms a high level of interest in debt securities despite overall macroeconomic uncertainty.
In parallel, the Ministry of Finance continues to build the regulatory framework for digital assets. The agency has prepared rules for retail investors' access to cryptocurrency, limiting the list of available coins to Bitcoin, Ethereum, BNB, and XRP, as well as the stablecoins USDT and USDC. For non-qualified market participants, an annual investment limit of 300 thousand rubles through a single intermediary is provided. Deputy Finance Minister Ivan Chebeskov emphasized that asset selection will be based on a capitalization criterion exceeding 5 trillion rubles on average over two years, with detailed rules for stablecoins to appear at the next stage.
Analyst comment: The successful placement of OFZ worth 1 trillion rubles is not just a financial operation but a clear signal to the market that the Ministry of Finance has found a balance between budget needs and investor expectations. However, the parallel development of crypto regulation shows that the agency is preparing to diversify sources of capital, which in the long term could change the structure of the domestic financial market.