6 Dec 2018 12:27

Russian Finance Ministry expects to offer OFZ bonds in yuan in 2019

ST. PETERSBURG. Dec 6 (Interfax) - Russia's Finance Ministry expects to place OFZ federal bonds denominated in yuan next year, and is continuing active discussions with Chinese investors, the head of the ministry's debt department, Konstantin Vyshkovsky said.

"We expect that this project will finally happen next year, the launch of such an instrument will happen. We're not slowing the pace of cooperation with our Chinese colleagues on this issue," Vyshkovsky said at the Russian Bond Congress.

The Finance Ministry first announced plans to offer bonds in yuan equivalent to about $1 billion on the Moscow Exchange back in November 2015, but a placement has still not taken place.

"This will be federal bonds in Chinese currency, placed on the Moscow Exchange, the buyers of which should be major investors from mainland China. Some believe that it would be simpler to place bonds in yuan on the Chinese market - a number of countries already have such experience. But in our opinion, for the development of the national market it's very important to carry out such a placement here, in Russia," Vyshkovsky said earlier in an interview with Interfax.