are federal loan bonds with an indexed par value, otherwise known as "linkers" (Russia, 52003
).Like all OFZs, these securities are auctioned by the Ministry of Finance or traded privately. Their par value is denominated in the currency of the Russian Federation and is equal to RUB 1,000 at the date of placement. They entitle their owners to receive the par value at maturity and to get coupon income. OFZs with a maturity of up to 3 years are deemed short-term. OFZs with a maturity of 3 years and longer are long-term issues.
For OFZ-INs, a fixed coupon rate is set and remains in effect throughout the entire maturity period, but the par value changes daily depending on the consumer price index for the goods and services in the Russian Federation as published by the Federal State Statistics Service (Rosstat). At the end of each month, information on the par value index, indexed denomination and the ACI for all OFZ-INs in circulation are published on the website of the Ministry of Finance.
OFZ-INs are less volatile than classic bonds with the same duration due to lower inflation risks.
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