The Central Bank of Russia released its Review of Financial Instruments for 2025, describing a rise in government bond (OFZ) yields during 2025 after a two-year decline, against a backdrop of gradual disinflation and monetary policy easing. In the corporate bond market, demand for variable coupon securities fell, with investors largely favouring fixed coupon bonds. Banks remained the main investors in OFZ and corporate bonds, while the share of institutional and retail investors continued to increase. The digital financial assets market expanded, driven by short-term debt issues, and the number of small companies issuing bonds for the first time grew.
Central Bank of Russia 2026-03-13
Central Bank of Russia publishes 2025 review showing higher OFZ yields and investor shift to fixed coupon corporate bonds
The Central Bank of Russia's 2025 Review of Financial Instruments highlights a rise in government bond yields amid disinflation and monetary policy easing. Demand shifted from variable to fixed coupon corporate bonds, with banks as primary investors and growing participation from institutional and retail investors. The digital financial assets market expanded, with increased short-term debt issues and more small companies issuing bonds.