OFZ market appears resilient amid growth of government bond offerings in November–December 2022

The growth of primary offering, including in yuan, accelerated in the corporate bond market in November-December 2022. Consequently, the volume of this market increased by 11% to 18.9 trillion rubles in 2022. The volume of yuan-denominated securities in ruble terms reached 552 billion rubles.

At the end of the year, the FX market witnessed a weaker ruble caused by transitory factors. In the last days of December, banks showed higher appetite for the CNY/RUB interest rate swap to regulate open currency positions.