Current state and development trends of the bond market in Russia

The article presents the results of a study of the current state and current trends in the Russian debt market. In 2023, positive dynamics were observed in all segments of the bond market. The main driving force, of course, was the first echelon of bonds, which was faced with the task of not only replacing external sources of funding, but also finding funds for development in the domestic market. The relevance of the topic of the article is due to the current macroeconomic and geopolitical situation in Russia, and the persistence of high economic and political risks. The study included an analysis of the structure of federal loan bonds, corporate and replacement bonds, their issue volumes, dynamics, and also a comparative assessment of profitability. Based on the data obtained, a conclusion was made about the current risks and prospects for the development of this sector of the financial market. The authors point out that in conditions of uncertainty in the market, rising inflation rates, and an increase in the key rate, bonds remain relevant and remain a reliable, attractive investment instrument with an acceptable level of return.