The RF Ministry of Finance successfully placed at auction two issues of federal loan bonds (OFZ) for a total of 39.5 billion rubles. As follows from the publication of the Ministry of Finance on the results of placement, the demand for both issues exceeded the supply by more than three times, the "Newspaper. Ru ".

As analysts say, the purchase of fixed-income ruble assets is the most popular among foreign investors this year. Such an inflow of currency makes it possible to maintain the stability of the ruble. Keeping the key rate at a high level (9.75%), the Bank of Russia ensures a high yield of OFZ. At the moment, interest income on these securities exceeds the level of inflation in Russia by about two times, and also several times exceeds the rates on debt instruments of Western countries.

According to Nikolay Minko from Sberbank CIB, in the long run the yield of long issues of OFZ will not drop significantly below 8.00%, but the yield of medium-term securities may decrease in case of a reduction in the key rate.

Ekaterina Yerkina, the portfolio manager of the capital Kapital, notes that even a negative background (for example, a decline in oil prices and a worsening geopolitical situation) does not cause the sale of these securities. The secret in fixed income securities, she says.

The constant interest in Russian debt securities causes a steady inflow of currency into the country, and carry trade operations, in turn, support the ruble. Since March 16, the ruble rate has never fallen below the level of 58 rubles. Per dollar. Suspicious stability of the national currency has already caused talk about a new bubble in the financial market.

Business Ombudsman Boris Titov believes that the ruble depreciates sharply, as it is artificially overvalued due to the carry trade. As soon as demand from speculators falls - we can get a sharp drop in the ruble exchange rate and a new imbalance in the economy, Titov said..

However, most analysts of investment companies believe that there are no prerequisites for devaluation (unless there is a significant collapse in oil prices).

In the second half of the year, the ruble rate will gradually decrease to a level close to 62 rubles. Per dollar.

For the Ministry of Finance, the situation on the market is simply ideal. The Office intends to significantly increase the volume of borrowings in connection with the need to finance the federal budget deficit. By the end of 2019, the volume of the Russian national debt (external and internal) will increase from 11.1 trillion (by the end of 2016) to 15.1 trillion rubles. , Which is 15.7% of the country's GDP.