Domestic investors in may and June were actively replaced by non-residents on the OFZ market

The volume of investments of local investors in the OFZ market in may-June grew faster than investments of nonresidents, which led to a reduction in the share of investments of nonresidents in the accounts of foreign depositories NSD to 29.6%, it is noted in the next issue of the “review of the risks of financial markets.”

On the back of profit taking and some strengthening of geopolitical risks increased the slope of the OFZ curve. Announced by the Ministry of Finance increase in 2020, the planned volume of placement of OFZ contributed to a certain growth required participants premiums at auctions.

The stock market continued the positive dynamics of sectoral indices, the highest growth demonstrated index transport (11.5 percent) and retail (11.2 percent) industries. The market has provided different categories of local participants, non-residents and subsidiaries of foreign banks were mostly sellers of domestic assets. In June, the amount of net placements of corporate bonds reached a maximum in 2020 values — 230 billion rubles.

In may-June foreign participants reduced short position in the ruble on the currency swaps, which indicates the stabilization of the situation on the Russian currency market and reduced expectations of possible future risks of exchange rate volatility.

Measures the Bank of Russia and the state program support lending to households and companies. In June in the framework of the program of loans were issued to companies for the sum over 200 billion roubles of mortgage loans — amounting to more than 100 billion rubles.

A significant reduction in the flow of applications for restructuring of loans from households and SMEs indicates a stabilization of the situation with paying customers.

In June, the population became less likely to prevent overdue loans. The proportion of borrowers — physical persons, the first missed loan payment in June corresponds to the values observed at the beginning of March.

Photo preview: Eugene Reasonable / statements / PhotoXPress