The Bank Russia, acting as the Issuer's General Agent, distributes GKO/OFZ on the instructions of the RF Finance Ministry.

Auctions to distribute bonds

Auctions to distribute bonds follow the American model. This means that participants' orders to purchase bonds, in which the price of bonds exceeds the stop out price, are satisfied at prices specified in the orders.

At auctions, participants can enter competitive orders (with specified price) and noncompetitive orders (at the average weighted price of the auction). The Bank of Russia limits the maximum allowable volume of noncompetitive orders, entered by a Dealer.

Auctions to distribute bonds are held in the system (main) trading mode (settlement code Т0).

Additional placement at fixed bid prices

Additional placement of bonds is done by means of their sale by the Bank of Russia in the course of secondary trading at fixed bid prices.

Additional placement of bonds is done in the system (main) trading mode (settlement code Т0).

See Trading Results to find the results of transactions.

• Description of transactions
• Placement of bonds
• Transactions in the secondary market
• Transactions in the money market
• Other transactions