OFZ Auction Results - October 28, 2021. Finance Ministry Provides No Concession at CPI-Linker Auction
Yesterday's CPI-linker auction failed to attract solid demand, though it underscored the Finance Ministry's cautious approach. The primary market does not represent a hurdle for market stabilization at this point; the key roadblock remains uncertainty over the CBR's future action. > Only one bond was auctioned off - the 11y CPI-linked OFZ 52004 (March 2032). Just R6.8 bln was placed out of R10.1 bln offered, as the issuer decided to set the cut-off at 3.06% (versus 3.10% at the auction two weeks ago). However, demand was disappointing, at R16.8 bln (versus R25.3 bln and R28.9 bln at the two previous auctions for the same bond). The full size was distributed among only nine bids, with six of them at R1 bln apiece.
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