Russian FinMin scraps OFZ bond offering limit for Feb. 13 auctions

MOSCOW: The Russian Finance Ministry said on Tuesday it will set no limit for the offering of its treasury OFZ bonds at weekly auctions on Wednesday, fulfilling its pledge to scrap its usual practice of setting a maximum amount of bonds on offer.

The ministry said it would offer bonds maturing in February 2024, and bonds maturing in May 2029, at two auctions on Wednesday.

Last week, the ministry, which usually offers OFZ bonds at weekly auctions every Wednesday, said it could be more flexible in its reaction to changes in market conditions and fulfil more bids for its bonds if it stops setting the ceiling.