1Q 2018 Business Overview
Bond market - why we are strong believers
Ageing fixed assets require long-term investments
Accumulated depreciation as % of fixed assets
45.3 45.3
48.2
47.9
47.7
47.1
49.4
Breakdown of bond issuers¹ by industry
3% 3%
3%
Oil and gas
27%
3%
Banks
21%
4%
Finance
20%
48.1
27%
47.7
Municipal
6%
5%
Construction and development 5%
5%
Transportation
5%
6%
Utilities
4%
Metals and mining
3%
21%
Industrials
3%
20%
Consumer, retail and other
Telecoms
3%
3%
2008 2009 2010 2011 2012 2013 2014
2015
2016
Growth of outstanding local bonds
Local bonds vs Eurobonds of Russian corporates²
RUB trn
Regional
Government
Share of GDP
Corporate
RUB trn
22%
RUB bonds
Eurobonds
18%
17%
19.4
19.1
18.2
17.7
16.0
15%
0.7
13%
13%
14%
12%
12%
17.7
56%
60%
13.6
0.6
7.2
55%
11.1
11.8
0.6
58%
9.7
0.5
50
5.5
8.7
5.0
8.1
0.5
7.1
53%
4.7
7.0
6.2
6.2
0.4
5.4
52%
3.9
0.3
5.0
0.4
3.5
51%
11.4
52%
0.4
3.1
2.9
9.2
53%
44%
45% 40%
8.1
42%
2.2
6.6
47%
5.3
2.5
3.0
3.6
4.3
47%
48%
49%
48%
2009 2010 2011
2012 2013 2014
2015 2016 2017
2009
2010
2011 2012
2013
2014
2015 2016 2017
☑
MOSCOW
EXCHANGE
Sources: Bank of Russia, Cbonds, Rosstat, Moscow Exchange
22
1
RUB-denominated bonds traded on MOEX's Bond Market in January 2018
2 Including banks and financial institutions. Data for 2017 as of 1 December 2017View entire presentation