Review of financial instruments: disinflation supports bond market in 2025
13 March 2026
News
After their two-year decline, government bond (OFZ) yields went up in 2025 amid gradual disinflation and monetary policy easing. As for corporate bonds, the demand for variable coupon securities decreased, with investors mostly opting for fixed coupon bonds.
Banks remain key investors in OFZ and corporate bonds. Nevertheless, the proportion of institutional and retail investors is growing steadily.
The market of digital financial assets was expanding, driven by short-term debt issues. The number of small companies issuing bonds for the first time increased.
More details are available in the Review of Financial Instruments for 2025.
Preview photo: Kenishirotie / Shutterstock / Fotodom