Corporate and regional bonds

The Russian bonds market is an organized exchange. The MICEX Stock Exchange is the main Russian trading area for bonds. The MICEX SE created the current structure for placing bonds of corporate and regional issuers. In 2007 188 issues of corporate bonds of 180 issuers with a total sum of RUR 458.3 billion and 24 issues of regional bonds with a total amount of about RUR 63.3 billion were placed (including bonds of the Moscow city government)

Largest issuers in terms of amount of bonds placed in 2007:

• Gasprombank – USD 2.03 billion
• VTB – USD 1.42 billion.
• AIZK – USD 1.23 billion.

Largest placement of regional bonds in 2007 according to issued amount:

• Moscow – USD 6.66 billion.
• Moscow Region – USD 1.77 billion.
• Samara Region – USD 0.47 billion.

The corporate and regional bonds market is the fastest growing segment of the stock market. As of the beginning of January 2008, the MICEX SE traded 693 bonds of 504 issuers. The MICEX SE listing contained 256 bonds of 137 issuers. The trading volume for 2007 was USD 492.8 billion, which is 2.4 times more than the trading volume in 2006.

The initial bond market is a good base for the development of the Russian domestic stock IPO market.

Bond Delivery to the MICEX Stock Exchange Leaflet (In Russian)