The Russian Ministry of Finance successfully issued long-term government bonds worth trillions of rubles.

⑴ The Russian Ministry of Finance today completed an issuance of federal bonds worth 1 trillion rubles, with these bonds set to mature in July 2042 and priced at 92.5% of face value.⑵ The successful sale of this ultra-long-term bond reflects that, amid rising global interest rates and intertwined geopolitical risks, Russia's domestic debt market remains relatively resilient.⑶ The issuance result will also provide the market with reference signals regarding the future interest rate path of Russia’s central bank and its fiscal financing strategy. The pricing level of locked-in long-term debt will influence the market’s reassessment of inflation expectations and ruble asset allocation.