Review of Russian Financial Instruments: floaters market continues to grow actively in 2024
In 2024, the floating-rate corporate bond market continued to grow amid expectations that monetary conditions would remain tight for a long time. Most of these bonds were offered by issuers with high credit ratings, while their maturity periods shortened.
Floating-rate bonds were the main instrument for raising funds for the government as well. They accounted for more than half of the offerings. Over 2024, individuals and non-governmental pension funds were buying government securities more actively, whereas liquidity in the market was decreasing.
Following the imposition of sanctions against Moscow Exchange, the share of the over-the-counter segment of the FX market went up from 49% to 70%.
The digital financial asset (DFA) market was actively developing, and its volume soared ninefold. Ruble-denominated debt-based fixed-income DFAs with a maturity of up to one year prevailed among the issues offered.
The number of IPOs was up in 2024 H1, whereas in 2024 H2, issuers took a wait-and-see attitude. The number of individuals participating in IPOs increased. However, most of the shares offered were purchased by institutional investors.
Details are available in the Review of Russian Financial Instruments.