Fixed Income - Euroclear Starts Settlement of New, On-the-Run OFZs
Before today, the "new," on-the-run OFZs (registered after June 14, when the latest US sanctions came into force) had not been cleared in the secondary market for technical reasons. We think this should boost local demand at the Finance Ministry's auctions and improve the secondary-market liquidity of the new issues. Here is a list of the new, on-the-run issues: 4y OFZ 25085 (September 2025), 8y OFZ 26237 (March 2029), 20y OFZ 26238 (May 2041), 10y OFZ 26239 (July 2031) and 15y OFZ 26240 (July 2036). Recall that the Finance Ministry had started tapping these issues after the ban on the participation of US entities in the primary OFZ market came into force on June 14.
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