远东国际观察：俄罗斯首支人民币主权债落地 助推去美元化

Core Viewpoint - Russia's Ministry of Finance has officially launched its first sovereign bond issuance denominated in RMB, marking a significant step in its financial strategy amid prolonged Western sanctions and limited access to USD and EUR financing [2][3]. Group 1: Bond Details - The bond issuance consists of two tranches: a 3.2-year tranche with a target coupon rate of 6.25% to 6.5%, and a 7.5-year tranche with an upper limit of 7.5% [2][3]. Group 2: Strategic Significance - The issuance is strategically important as it expands Russia's financing channels and supports its de-dollarization efforts [3]. - It provides investors with a RMB investment tool, allowing for effective allocation of accumulated RMB funds [3]. - The issuance serves as a benchmark for other enterprises looking to issue RMB-denominated bonds, enhancing market pricing efficiency [3]. Group 3: Financial Cooperation and RMB Internationalization - The deepening financial cooperation between China and Russia is evident, with the share of RMB in Russia's sovereign wealth fund increasing from 31% in early 2022 to 57% by November 2025 [3]. - The usage of RMB in cross-border settlements is also on the rise, indicating an expanding application of RMB in actual financing and investment scenarios, positively impacting the internationalization of the RMB [3].