Overview
- The Finance Ministry scheduled bookbuilding for yuan‑denominated OFZs on December 2 with technical placement on December 8, offering two fixed‑coupon issues with 3–7 year maturities and a 10,000 CNY par value.
- Investors may subscribe and receive payments in Chinese yuan or in rubles, with orders taken via the Moscow Exchange bookbuilder, custody at the National Settlement Depository, and placement organized by Gazprombank, Sberbank and VTB Capital Trading.
- At VTB’s Krasnodar forum, strategists projected the Bank of Russia’s key rate could decline to about 13% by end‑2026, with further easing toward 9% in subsequent years.
- VTB forecast the ruble could weaken to roughly 98 per U.S. dollar by the end of 2026, a move it said would boost earnings for exporters and support equities.
- VTB expects the MOEX index to approach about 3,660 within 12 months, citing easing policy and currency effects, while noting a flat quarter‑on‑quarter GDP reading for Q3 and inflation near just above 7% in 2025 and 5.5% in 2026.