Investor Presentaiton
Bond market: High potential
Growth of outstanding local bonds
RUB trn
Regional
Government
Share of GDP
Corporate
325
Local bonds vs Eurobonds of Russian corporates²
RUB trn
22%
20%
USD bn
RUB bonds
Eurobonds
18%
17%
15%
20.5
19.1
19.5
310
USD bn
18.2
17.7
16.0
13%
13%
14%
19.4
0.7
12% 12%
0.7
17.7
56%
60% 61%
55%
7.9
11.1
13.6 0.6
7.2
58%
11.8 0.6
8.7
9.7 0.5
5.5
5.0
7.1
53%
8.1
0.5
7.0
4.7
6.2
6.2
0.4
5.4
52%
5.0
0.3
3.9
51%
0.4
3.5
11.4 11.9
52%
0.4
3.1
53%
44%
2.9
9.2
45% 40%
39%
8.1
42%
2.2
6.6
47%
5.3
48%
2.5
3.0
3.6
4.3
47% 48%
49%
2009
2010 2011 2012
2013 2014 2015 2016 2017 2018
2017 2018
Corporate loans vs corporate bonds in Russia
2009 2010 2011 2012 2013 2014 2015 2016
Bond primary market trading volume
RUB trn
67.6
68.0
Loans (incl. foreign debt)
Corporate bonds
1081
USD bn
RUB trn
CBR bonds
8.6
Overnight bonds
7.0
(incl. eurobonds)
41.3
73%
71%
56
USD bn
3.5
☑
MOSCOW
EXCHANGE
29.2
79%
81%
27%
29%
21%
19%
2009
2012
2015
2018
Sources: Bank of Russia, Cbonds, Rosstat, Moscow Exchange
1
RUB-denominated bonds traded on MOEX's Bond Market in January 2018
2 Including banks and financial institutions. Data for 2018 as of 31 December 2018
2.6
2.1
1.6
2009
2012
2015
2018
8View entire presentation