In 2001, the corporate bond market grew significantly — the values of a number of quantitative indicators increased several times. Thus, the volume of the corporate bond market over the past year has grown tenfold. Russian enterprises have attracted over 20 billion rubles from the market. The average borrowing rate for the largest bond issues of Russian corporations placed in 2001 was about 22 percent per annum (Raiffeisenbank’s calculations) in rubles, including all overhead costs, including commissions to the organizer and tax on transactions with securities (estimated borrowing rate in 2000 year was about 30 percent). The average borrowing period was about 6 months last year, an increase in comparison with 2000 by one and a half months. At the same time, in terms of yield, corporate bonds were the leaders in the market of fixed income instruments..
It can be conditionally divided into the following categories:
— GKO / OFZ market; — corporate bond market; — bond market of St. Petersburg; — bond market of constituent entities of the Federation (Moscow, Bashkiria, newly issued bonds of the Leningrad region).
Dmitry Sachin, general director of RK-Management CJSC, noted that during practically the entire period of 2001-2003, the yields of all categories of securities were steadily declining. The most interesting from the point of view of profitability on almost all time intervals are corporate bonds. If we add to this the fact that recently the turnover in corporate bonds on the MICEX is close to the turnover in government securities, and on some days even exceeds it, then the interest that current and potential investors show to the corporate bond market becomes clear..
Their turnover in the MICEX stock section reaches an average of 150 million rubles a day (taking into account transactions carried out in the negotiated deals mode). It should also be noted that this value does not include the volumes of transactions concluded by market participants directly, bypassing the MICEX. At the same time, the growth of the corporate bond market was not only quantitative, but also qualitative. In particular, securities placed on the primary market were mostly «market» ones, that is, secondary trading took place on them, albeit occasionally, as evidenced by the growing number of traded securities.