3Q 2021 Financial Overview
Bond market - why we are strong believers
Growth of outstanding local bonds
RUB trn
Regional
Government
Share of GDP
Corporate
Local bonds vs Eurobonds of Russian corporates¹
RUB trn
29%
RUB bonds
Eurobonds
22%
22%
20%
17% 18%
31.2
13% 13%
12% 12%
14%
15%
0.9
23.7
23.8
18.2
19.1 19.5 20.0
17.7
16.0
20.5 0.7 14.1
68%
19.4
0.7
56%
60% 61% 68%
0.7
11.1
55%
17.7
9.3
58%
13.6
0.6
7.9
8.1
9.7 11.8 0.6
7.2
8.7
6.2
7.0
0.5 0.5
5.5
7.1
53%
0.4
5.0
6.2
5.4
5.0 0.4
0.3
4.7
52%
3.9
16.3
51%
2.2.4 2.9
3.5
3.1
11.4
11.9
13.6
52%
53%
2.5 3.0 3.6
4.3
5.3 6.6
8.1
9.2
42%
44% 45% 40% 39%
32%
47% 48% 49% 48%
47%
32%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Corporate loans vs corporate bonds in Russia
Bond primary market trading volume
RUB trn
78.0
RUB trn
CBR bonds
9.6
Loans (incl. foreign debt)
67.6
68.0
Overnight bonds
8.6
67.5
Corporate bonds
(incl. eurobonds)
7.0
6.1
5.9
70%
5.4
5.2
41.3
73%
71%
70%
4.5
29.2
3.5
2.6
79%
2.1
81%
1.6
27%
29%
30%
30%
19%
21%
2009
2012
2015
2018
2019
2020
2009
2012
2015
2018
2019
2020
☑
MOSCOW
EXCHANGE
Sources: Bank of Russia, Cbonds, Rosstat, Moscow Exchange
1 Including banks and financial institutions
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