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MinFin

  • 22
    JAN14
    MinFin offers 5- and 10-year bonds, introduces new mechanism for non-competitive bids

    ... to 7.33% (+4bp) and RFLB Dec 19 widened to 7.51% (+5bp). Meanwhile, RFLB 28 was virtually unchanged at 8.21%. Today, the Ministry of Finance is offering RUB 10bn in 5-year note (RFLB May 19) and RUB 10bn in 10-year note (RFLB Aug 23). We think that MinFin is cautiously not offering 15-year notes due to the weak market conditions. At the last auction, MinFin did not offer a premium and this time it is unlikely to offer more than 2-3bp above the secondary. At the same time, the market is likely to ...

  • 14
    JAN14
    Tax on dividends – MinFin considers increasing it for individuals

    According to Vedomosti, the Ministry of Finance is considering increasing the tax on dividends for residents from 9% to 13%. The proposal relates to individuals, and would therefore bring it into line with the rate of personal income tax. However, this might eventually spread to legal entities, according to Deputy Minister of Finance Sergey Shatalov. High dividends, and a further increase thereof as a result of the government’s policy towards state-owned companies, is one of the key attractive...

  • 17
    APR14
    Weekly CPI – annual inflation stood at 7.1% as of 14 April

    According to Rosstat, CPI growth reached 0.42% during the first half of April. Over the last week, the average daily price growth softened slightly to 0.028% (from 0.032% in the previous week), remaining below that we saw over the same week in April 2013. Component-wise, inflation last week was led by i) non-reported items – perhaps, car and pork prices; and ii) a reported bunch of items with the largest contributions from cabbage (+3.7% WoW), potato (+0.9%), gasoline (+0.2%), sugar (+0.6%) and...

  • 10
    OCT13
    Local government bonds: good diversified auction results

    ... in demand and we believe that a lot of locals participated at them. In our view, the reasonably good bond supply acts as a drag on the rally in the RFLB market. On a relative value basis, the long end looks a bit attractive. However, we do not rule MinFin offering either a 10-year or a 15-year note again next week.

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