Contrary to predictions, the crisis on the Russian stock market is having quite a strong influence. Traders are trying to use this unstable situation to their advantage and bid high yields. Despite the issuer's efforts to keep to the latest market tendencies, this week it could only yield under the pressure of the traders. As a result, the annualised yield to maturity at the last auction of 3-month T-bills reached 15.28%, showing a 0.02 pp increase.

On the whole, 3-month and 6-month T-bills remain the most popular papers on the market to date.

At the last auction of 12-month T-bills the issuer managed to fix all the parameters (price, yield) at the level of the previous issue. Despite the seemingly unchanged situation, the issue was less successful as the placed volume only slightly exceeded the announced tranche (by US $1.4 million) while the previous auction was over-placed 1.7 times or by US $4.4 million.