At the same time, the appetite and opportunities of large corporations to issue Eurobonds seem to have grown. In January-August, Russian banks and corporations issued $7.1 billion in eurobonds, up from $1.8 billion in the same period last year. E.g. steelmakers Evraz and NLMK issued in June Eurobonds of $500 million and $700 million, respectively.
The Moscow stock exchange’s ruble-based share index is up 14 % this year and hit new highs in line with a mild recovery in oil prices. Share trading overall, however, remains as sluggish as last year. The index of corporate bond market is up 9 % and trading in debt securities has risen sharply this year. Growth in the domestic bond market has been supported by the improved liquidity situation of banks and government borrowing. The finance ministry has this year issued new sovereign debt according to schedule totalling 519 billion rubles.