Financial Sector Overview
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
SECURITIES MARKET (2)
Growing a deeper Russian bond market with strong potential
Figure 35: Volume of the Russian local bond market, RUB tn
Figure 36: Volume of the Russian corporate bond market, RUB tn
■OFZ
Corporate Bonds
RUB bonds
Eurobonds
36
24
24
24
19.8
19.5
20
20
19.1
18.3
20
18.2
17.7
CAGR
16
+20%
12
CAGR
16.0
7.6
7.6
14.7
16
8.0
+16%
8.0
13.1
6.7
11.9
11.3
11.1
11.1
12
9.2
9.2
8.7
7.8
5.2
11.5
11.9
8.1
8
6.7
6.6
8
7.1
10.2
5.9
6.2
9.3
9.7
4.7
5.3
5.4
4.2
4.3
3.5
4
st
3.0
3.6
3.0
2.5
7.2
7.9
4
5.9
2.5
2.2
2.9
3.1
3.5
3.9
4.7
5.0
5.5
4.5
2.9
3.2
3.6
0
0
2009 2010 2011 2012 2013 2014 2015
2016 2017 2018
25
Figure 37: "Bondization" of the Russian financial market
| Equity market trading volume, RUB tn
Bond market trading volume*, RUB tn
2009 2010 2011 2012 2013 2014 2015 2016 2017
Figure 38: Corporate loans vs corporate bonds in Russia, RUB tn
Loans (incl. foreign debt) Corporate bonds (incl. eurobonds)
2018
68
68
70
65
21.2
29%
60
29%
20
16.5
27%
48
15.3
50
15
13.2
10.6
11.2
23%
40
35
10
29
20%
10.8
30
8.7
19%
5
0
HN
20
81%
80%
77%
73%
71%
71%
2013
10
2014
2015
2016
2017
2018
2009
2011
2013
2015
2017
2018
*
Except overnight bonds
Source: Cbonds, Moscow ExchangeView entire presentation