Federal loan bonds

OFZs are of the following types ^[1] :

• OFZ-PK (with a variable coupon) was launched in 1995, and after the 1998 crisis the issue was discontinued. Coupon payment was made once every six months. The value of the coupon rate changed and was determined by the average weighted yield on T-bills for the last 4 sessions (trades). At the end of 2014, the release was resumed ^[2]
• OFZ-PD (with constant income) began to be issued in 1998. The coupon was paid once a year and was fixed for the entire period of circulation.
• OFZ-FD (with fixed income) appeared in 1999. They were issued to holders of GKOs and OFZ-PK, frozen in 1998 in the novation order. The circulation period is 4-5 years. The coupon was paid quarterly. The rate was reduced annually (30% in the first year, 10% - the end of the term).
• OFZ-AD (with debt amortization) periodic repayment of the principal amount of the debt.
• OFZ-IN (with indexable face value) has been issued since 2015. The nominal value of bonds is monthly indexed for the coming month in accordance with the consumer price index for goods and services in the Russian Federation. ^[3]
• OFZ-N (for the population, individuals) began to be produced in April 2017 ^[4] . Denomination is 1 thousand rubles, but the minimum package is 30 pieces. There are restrictions on the maximum amount of purchases. The term to maturity is 3 years. Coupon income is paid once every six months. For the first issue (including additional), the coupon yield is gradually increasing from 7.5 to 10.5% per annum. After the end of the first (including additional) issue, the second was issued, but its coupon yield is lower - from 7% to 10.1% per annum. The first issue, including an additional one, was fully posted by mid-September 2017 ^[5] . Sberbank and VTB 24 acted as placement and repurchase agents. Agents set a commission for their operations. Bonds cannot be resold or used as collateral , but can be inherited and presented at any time for redemption to the agent bank. The second issue was placed for approximately 11,394,660,000 rubles ^[6] , although the formal issue size was 15,000,000,000. After the expiration of the second issue placement period, the placement of the third one with coupon yield from 6% to 8.6%, the formal issue size was started 15,000,000,000. Shortly before the end of the placement period for the third issue, an additional issue was announced with the possibility of placement within six months. For almost half a year (from late March to August 2019 inclusive) OFZ-N were not sold. From the second of September 2019, another issue appeared, for which the list of agents was increased - Promsvyazbank and Post Bank were added, the minimum purchase volume was reduced from 30 to 10 pieces, and commissions were canceled. The yield on coupons from 6.5 to 7.35% per annum (average for three years when purchased at face value 7)

• Government short-term bonds
• Conversion rate