In May 2025, issuers attracted more than 526 billion rubles in the bond market
The primary bond market in May expectedly lost April – long holidays do not imply high activity of either issuers or investors. But last month, the volume of placements amounted to 526 billion rubles, exceeding the last year by 35%. At the same time, more than half of the volume was for foreign exchange bonds, where issuers are significantly saved on bets compared to ruble issues. As experts expect, in the summer months, the activity of issuers will remain at a high level regardless of the decision of the Bank of Russia at a key rate – attracting in the debt market remains cheaper than bank loans.
According to Kommersant, based on the data of the CBONDS agency, in May 2025, corporate borrowers attracted more than 526 billion rubles in the bond market. This result traditionally turned out to be below the previous month (by 43%), but more than 35% exceeded the indicator of a year ago. May is traditionally one of the weakest months of the year, which is associated with long May holidays, which in 2025 accounted for almost two weeks. According to the data over the past 15 years, in the last month of spring, the volume of attraction compared to the previous month has decreased nine times. “The issuers, given the long weekend, chose to enter the market back in April. As a result, May began with a “clean leaf”, there were almost no placement marketing, ”said Robert Smakaev, head of the Department of Commercial Council Markets.
At the same time, in the last decade of May, the placements went tightly-five to six transactions per day.
According to Mr. Smakaev, the issuers sought to stay until a meeting of the Board of Directors of the Bank of Russia, appointed on June 6. Without waiting for a decision at a key rate, they were in a hurry to fix the current profitability, which in the debt market are still significantly lower than on bank loans. According to the leading analytics of the investment company “Tsigir Broker” Natalia Pyryeva, the average coupon rate for ruble bonds with a rating from AA+ to AAA amounted to 18.1% per annum, for bonds of average reliability (rating from AA) – 21% per annum. The weighted average interest rates on loans for non -financial organizations in rubles make up 19% to 25% per annum, depending on the period and area of the company. “Institutional investors can offer lower bond market rates compared to banking financing, since portfolio managers are oriented to surpass the benchmark, and not adhere to internal funding norms,” explains Artyom Starikov, managing director of DCM Alfa Bank.
The issuers have increased activity in the currency bond segment. According to the chief analyst in the debt markets of the Region BC Alexander Ermak, in May six placements of bonds in the incident in the equivalent of 224 billion rubles were held, which is 76% higher than the previous month. Moreover, if in April the companies produced mainly only dollar papers, then in May their interest shifted to the sides of the Yuanevs. Over the month, four issues of such bonds took place with a total volume of 15.8 billion CNY. A significant share of this volume fell on the three -year rusal bonds (11.2 billion CNY), which became one of the largest placements in the Chinese currency in the Russian market. In addition to this, two placements of dollar papers were carried out $ 0.6 billion.
Alexey MoiseevDeputy Minister of Finance, October 18, 2024:
« Let’s speak directly, the foreign exchange market, in fact, is destroyed. »
Currency issues allow companies to reduce the cost of borrowing both due to lower rates and due to high demand for them from investors. “For investors, the ability to buy currency bonds, mainly dollar, is a potential profit from a exchange rate difference in addition to domed income. In addition, speculative interest remains strong – currency papers are traded much higher than the face value, ”said Robert Smakaev.
Future activity will depend on the decision and signals of the Bank of Russia following the results of the meeting, which will take place this Friday. Most analysts expect to preserve the rate at 21%. “Regardless of which decision will make the Central Bank, we expect an increase in activity in June both in ruble and foreign exchange placements among issuers of all echelons,” said Artem Starikov.
