Corporate bond market shows ten-year record growth in 2023
Last year, the corporate bond market grew by ₽5 trillion, a ten-year maximum, to reach ₽23.9 trillion. A considerable contribution to the annual growth was made by the placement of substitute bonds and yuan-denominated bonds. In December, the market posted the largest monthly growth over the past year, expanding by ₽1.56 trillion or 7%.
The ruble depreciated by only 1% against the US dollar in December due to the massive sales of foreign currency by exporters. The ruble weakening was caused by the buyback of equity shares from corporate shareholders from unfriendly countries and seasonal demand for foreign currency.
Despite the 100bp increase in the key rate in December, the monthly growth in OFZ yields averaged 20bp.
In December, the MOEX Index went down by 2.1% to 3,099 points.
Further details are available in the new issue of the Financial Market Risks Review.