Financial Sector Overview slide image

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 37
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