Cbonds Agency has published arranger league tables for the Russian bond market based on 2016 results.
The last twelve months turned out to be more favourable for the Russian bond market compared to the previous year with growth in the range between 5% and 10% depending on segment, which generally outstrips inflation. The average bond duration also increased reaching about 2.5 years. The share of non-residents in the OFZ segment reached 27% against the backdrop of high real interest rate vis-a-vis the global rate level. However, the market corporate bond placement amount contracted in a way, in particular, more than 30 issuers quit the market in 2016, which resulted in lower corporate bond liquidity.
As a result, 292 bond issues totalling RUB 1.83 trn are included in the 2016 league table (compared to RUB 1.66 trn in 2015).
Gazprombank tops the league table again in 2016 having arranged 64 bond issues of 38 issuers amounting to RUB 382.76 bn. Its market share grew to 21% from 15% in the previous year. VTB Capital came in second, its DCM team arranged 92 bond issues of 65 issuers worth RUB 329.09 bn. Sberbank CIB is the bronze medallist with 53 issues of 36 issuers worth RUB 248.78 bn. FC Otkritie and Sovcombank took the fourth and the fifth slot, respectively. In particular, FC Otkritie placed 30 bond issues of 13 issuers worth RUB 200.92 bn in 2016. Sovcombank arranged 45 bond issues of 42 issuers worth RUB 125.95bn. Top 5 arrangers took 71% of the market.
Market placements stood at RUB 1.11 trn in 2016 (compared to RUB 1.31 trn in 2015). The arranger league table for market placements is the following: Gazprombank, VTB Capital, Sberbank CIB, Sovcombank and ROSBANK. A total of RUB 1.67 trn in corporate bonds was sold in the primary market in 2016 (vis-a-vis RUB 1.49 trn in 2015). Gazprombank is the leader here (as in the previous league tables) with 60 bond issues of 34 issuers worth RUB 369.34 bn. VTB Capital is in the second line with 72 bond issues of 45 issuers worth RUB 270.61 bn, and Sberbank CIB is in the third line with 44 bond issues of 27 issuers amounting to RUB 230.36 bn).
VTB Capital is number one in the municipal segment based on 2016 results. The bank took part in 20 issues of 20 issuers totalling RUB 58.482 bn. Sovcombank is number three having arranged 14 bond issues of 14 issuers totalling RUB 44.10 bn. Sberbank CIB came in third with 9 bond issues of 9 issuers worth RUB 18.42 bn.
Full versions of the league tables are available in the Cbonds League Tables section
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