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Category — CIS Bond Market
are variable coupon federal loan bonds of the Russian Federation, otherwise called as "floaters". 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. 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 the first issues of OFZ-PKs, the interest rate was determined based on the forecasted inflation rate, taken into account in the calculations for the Federal Budget Law for the year, which marked the beginning of the respective coupon period (Russia, 48001).

In 2014, it was decided to tie the coupon to RUONIA (weighted interest rate of overnight interbank loans (deposits) in rubles, reflecting the estimated value of unsecured overnight borrowing). Coupon rate was determined as the arithmetic average of RUONIA rates for 6 months before the date of interest rate + premium (Russia, 29012).

Since 2019, the coupon income is calculated based on the average value of RUONIA rates for the current rather than expired (as for previous issues of OFZ-PKs) coupon period with a small "technical" time lag of 7 calendar days (Russia, 29016)
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