The share of foreign-currency bonds on the Russian market reached a record high
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The share of bonds issued in Russia in foreign currencies for the first time exceeded 10% of the total market volume. Vedomosti with reference to the statistics of the Central Bank. As of August 1, their share was 10.2% or 4.3 trillion rubles.
Ordinary bonds in hostile papers account for about 950 billion rubles. ($ 10 billion) issues in foreign currency, for replacement and yuan bonds – 1.5 trillion rubles each. Dollar liabilities, including substitutes, account for nearly two-thirds of the foreign-currency bond market. The share of the yuan is about 25%, the euro – more than 10%.
According to experts, after the start of the special operation in 2022, trading in Eurobonds of Russian issuers switched to the domestic market. The imposition of sanctions made it difficult to service the issued foreign-currency debt. In addition, companies began to replace loans in dollars and euros for ruble and yuan loans.
In 2022, according to experts, the share of foreign exchange securities in the local market grew due to the issuance of replacement and yuan bonds. In 2023, the trend is explained by currency revaluation: since the beginning of the year, the ruble exchange rate against the dollar has fallen by 36%.
More about the situation – in the material “Kommersant” “Bet on devaluation”.
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