In 2024, the floating-rate corporate bond market in Russia saw continued growth as expectations remained that monetary conditions would stay tight for an extended period. These bonds were predominantly issued by entities with high credit ratings, and their maturity periods became shorter.
Floating-rate bonds also served as a primary tool for government fundraising, comprising more than half of the offerings. Throughout 2024, there was increased activity from individuals and non-governmental pension funds in purchasing government securities, although overall market liquidity decreased.
The imposition of sanctions against the Moscow Exchange led to a rise in the share of the over-the-counter segment of the FX market, which increased from 49% to 70%.
The digital financial asset (DFA) market experienced significant development, with its volume increasing ninefold. Among the DFAs offered, ruble-denominated debt-based fixed-income assets with maturities of up to one year were predominant.
There was an increase in IPOs during the first half of 2024; however, issuers adopted a cautious approach in the second half. While individual participation in IPOs rose, institutional investors purchased most of the shares offered.
Further details can be found in the Review of Russian Financial Instruments.
