The FinMin sold OFZ bonds for RUB 45.8bn at Wednesday’s auction compared to RUB50bn on offer. Demand for the 2033 bond reached RUB33.4bn and the ministry sold the entire offered amount of RUB25bn. The average yield reached 7.98%. Demand for the shorter-term 2022 bond was weaker at RUB24.7bn and the ministry sold bonds for RUB20.8bn at average yield of 7.73%. With this auction OFZ issuance reached RUB252.8bn since the start of Q2, just over half of the RUB500bn quarterly target. The annual net borrowing target has remained unchanged at RUB1.05 trillion in the budget amendment presented by the FinMin yesterday, which translates into gross issuance of RUB1.6 trillion.