Financial Sector Overview
7.6
33.1
7.4
7.2
7.0
6.7
6.8
6.6
6.4
The Central Bank of the Russian Federation
Bank of Russia
FINANCIAL SECTOR OVERVIEW
SECURITIES MARKET (3)
Russian OFZ market provides relatively high yields amid investment grade reliability
Figure 39: Russian OFZ market volume keeps growing
I OFZ market volume, RUB tn
Figure 40: Zero-coupon OFZ yield curve, %
April -18
March-19
1.01.18
1.02.18
1.03.18
1.04.18
1.05.18
1.06.18
1.07.18
1.08.18
1.09.18
1.10.18
Share of non-residents holdings
7.6
40
9.0
35
8.5
26.7
30
8.0
25
7.5
20
7.0
15
6.5
10
6.0
1.11.18
1.12.18
1.01.19
1.02.19
1.03.19
1.04.19
3m 6m 9m
1
2
3
5
7
10
15 20 30
Figure 41: Bond market yields, key rate and RUONIA (% RUB)
23
Cbonds-GBI RU 5Y YTM eff
10.5
Argentina
20
17
14
11
RUONIA Index
CBR Key Rate
9.0
Figure 42: EM 10Y bond yields (% USD) on the background of credit
ratings
Russia's sovereign ratings
S&P: BBB- (stable), as of 18 Jan 2019
Moody's: Baa3 (stable), as of 08 Feb 2019
Fitch: BBB- (positive), as of 15 Feb 2019
7.5
Turkey
6.0
Brazit
Russia
00
8
5
4.5
Indonesia Mexico
SoA
Kazakhstan
Malaysia
Chile
3.0
Hungary
Poland
China
Korea
07.14
11.14
03.15
07.15
11.15
03.16
07.16
11.16
03.17
07.17
11.17
03.18
07.18
11.18 ·
03.19
Philippines Peru
1.5
B B+ BB BB BB+ BBB- BBB BBB+ A- A A+ AA-
AA
AA+ AAA
Source: Thomson Reuters, Moscow Exchange, IMF and World Federation of Exchanges
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