The Central Bank reported a 10-year record growth in the corporate bond market
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In 2023, the corporate bond market grew by 5 trillion rubles, to 23.9 trillion rubles, follows from the review of the Central Bank (.pdf). This is the maximum increase over the past ten years, the regulator noted. A significant contribution was made through the placement of replacement bonds and bonds denominated in yuan.
In December, the corporate bond market grew by RUB 1.56 trillion. (+7%) – the maximum monthly increase over the past year. The trend is explained by the placement of replacement bonds for RUB 218.1 billion. in ruble equivalent. The average daily volumes of secondary exchange trading in December increased by 16.5 billion rubles, to 21.8 billion rubles. in a day.
According to Kommersant, over two years, one and a half dozen Russian issuers have placed replacement bonds for more than $21 billion. Taking into account the extension of the period for issuing such securities (until mid-2024), another dozen corporate issuers are expected to place $5–7 billion in the near future.
Read more in the Kommersant article. “Loan zams”.
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