Guidelines for the Development of the Russian Financial Market
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
34
SECURITIES MARKET (5)
Growing a deeper Russian bond market with strong potential
Figure 31: Ageing fixed assets require long-term investments
Accumulated depreciation as % of fixed assets
Figure 32: Breakdown of bond issuers by industry, as of March 1, 2018
45.3 45.3
49.4
48.2
47.9 47.7
47.1
9%
3%
4%
48.7
4%
47.7
5%
5%
2008 2009 2010 2011 2012
2013 2014 2015 2016
Figure 33: Corporate loans vs corporate bonds in Russia (tn)
9%
12%
Banks and financial institutions
Oil and gas
Transport
49%
Energy
Construction and development
Telecommunications
Wholesale and retail trading
Figure 34: "Bondization" of Russian financial market
I Loans (incl. foreign debt)
Corporate bonds (incl. eurobonds)
Equities market trading volume, RUB trln Fixed income market trading volume, RUB trln
90.0
18
16.5
64.7 tn
15.3
75.0
15
60.0
27%
29.2 tn
29%
12
9.2
45.0
23%
8.7
20%
9
19%
30.0
73%
71%
6
77%
15.0
81%
80%
3
2009
2011
2013
2015
2017
0
2013
2014
2015
2016
2017
Source: Thomson Reuters, Moscow ExchangeView entire presentation