In January 2021, the share of non-residents participating in OFZ auctions increased by 19.8 p.p. against the previous month to 41.2%. In absolute terms, however, non-residents' purchases remained unchanged (RUB 25 billion), according to information from the Bank of Russia.
Yields grew across the entire curve in the OFZ market in January. For the most liquid maturities, yields rose by 23 bpts on average.
In the primary OFZ market, investors' activity subsided in January, resulting in lower borrowings compared with the previous month.
