Kazakh financial institutions are buying Russian government debt at a deep discount from investors unable to exit the market due to sanctions, sources familiar with the situation told Bloomberg.
The publication’s interlocutors say that in recent months, Russian sovereign bonds, including OFZs (Federal Loan Bonds), have been bought by Russian banks and brokers in the country. In some cases, the initiative came from Kazakh organizations.
Such transactions are recorded in the republic’s clearing house. This allows you to receive coupons and payments to pay off your debt. Many international investors today do not have the opportunity to receive such coupons outside of the Russian Federation. However, organizations in Kazakhstan have found a workaround that gives them a quick profit on paper.
Investors with ruble-denominated sovereign bonds are left with IOUs that no longer allow interest payments outside of Russia. Selling to Kazakh banks and brokers can offset at least part of the cost, Bloomberg notes.
Author:
Natalia Gormaleva
Source: RB
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