Moscow Exchange Financial Growth Presentation
Bond market - why we are strong believers
Growth of outstanding local bonds
Local bonds vs Eurobonds of Russian corporates¹
RUB trn
Regional
Government
Share of GDP
Corporate
RUB trn
22%
22%
RUB bonds
20%
18%
Eurobonds
17%
15%
23.7
19.1
19.5
20.0
18.2
17.7
16.0
13% 13%
14%
0.7
12% 12%
20.5
19.4
0.7
0.7
56%
60% 61%
68%
9.3
55%
11.1
17.7
58%
13.6 0.6 7.2
7.9
8.7
11.8 0.6
9.7
0.5
5.5
7.1
53%
5.0
6.2
6.2
8.1 0.5
7.0
4.7
5.4
52%
0.4
0.4
5.0
0.3
3.9
51%
13.6
52%
3.5
11.4 11.9
53%
0.4
3.1
2.9
9.2
42%
44% 45% 40% 39%
32%
2.2
8.1
6.6
47%
2.5
3.0
3.6
4.3
5.3
47%
49%
48%
48%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Corporate loans vs corporate bonds in Russia
Bond primary market trading volume
RUB trn
RUB trn
CBR bonds
8.6
67.6
68.0
67.5
Loans (incl. foreign debt)
Overnight bonds
Corporate bonds
7.0
(incl. eurobonds)
6.1 5.9
5.4
41.3
73%
71%
70%
29.2
3.5
79%
2.6
2.1
81%
1.6
27%
29%
30%
19%
21%
2009
2012
2015
2018
2019
2009
2012
2015
2018
2019
☑
MOSCOW
EXCHANGE
Sources: Bank of Russia, Cbonds, Rosstat, Moscow Exchange
30
1 Including banks and financial institutionsView entire presentation