Guidelines for the Development of the Russian Financial Market
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
33
SECURITIES MARKET (4)
Growing a deeper Russian bond market with strong potential
Figure 28: Debt market volume breakdown by investor type
Figure 27: Russian debt market volume (outstanding) keeps growing
OFZ, RUB tn
Corporate Bonds, RUB tn
Local funds Local retail investors Local banks and brokers Local corporates Foreign investors
24
20
16
2242
18%
9%
11.5
12
8 8.1
4
5.0
0
12.15 03.16 06.16 09.16
12.16 03.17 06.17 09.17 12.17
63%
18%
12%
17%
12%
55%
54%
6.7
4%
2%
8%
11%
2013
2016
7%
11%
2017
Figure 29: Bond market yields, key rate and RUONIA (%)
Figure 30: EM 10Y bond yields on the background of credit ratings
7.5
21
19
Cbonds-CBI RU BBB/ruAA- YTM eff
Cbonds-GBI RU YTM eff
RUONIA Index
7.0
Turkey
6.5
17
- CBR Key Rate
6.0
15
Brazil
5.5
13
SoA
5.0
Russia
Mexico
11
4.5
9
4.0
Indonesia
Kazakhstan
Malaysia
Chile
7
3.5
Philippines Hungary Peru
Korea
Poland
5
China
3.0
06.14
12.14
06.15
12.15
06.16
12.16
06.17
12.17
BB- BB
BB+ BBB- BBB BBB+ A-
A
A+
AA- AA
AA+
AAA
Source: Thomson Reuters, Moscow Exchange, IMF and World Federation of ExchangesView entire presentation