Replacement bonds as an actual tool for a modern Russian investor

Because of the sanctions in the Russian Federation, there were difficulties appeared with the fulfillment of obligations on Eurobonds, which were paid to investors in foreign currency. In such circumstances, replacement bonds were created, which allowed investors to pay currency denominations and coupons on bonds in rubles at the exchange rate of the Central Bank of the Russian Federation. This article examines the essence of this investment instrument, its main advantages and disadvantages, as well as examines the main issues of replacement bonds of various Russian companies and their percentage yield. Based on this information, it is determined for which categories of investors and to what extent replacement bonds are an actual tool for investment portfolios.