Key Russian financial experts discuss the country’s debt market at the Expert RA’s forum

The total volume of the Russian debt market — including related structured investment products and other financial instruments — stood at the end of September 2026 at 75.74trln rubles, as per Cbonds, citing the latest financial data from the Russian Central Bank and leading analytical agencies. Of this sum, the corporate segment accounted for 31.4trln rubles, while the aggregated debt of the country’s largest enterprises grew significantly throughout the year to peg at a record of 31% of the total corporate debt. The public sector segment — comprising both the OFZs (federal loan obligations) and other government bonds — was valued by Expert RA at the end of September 2026 at 34.06trln rubles, while the valuation of the "replacement bonds market" stood at 2.96trln rubles. The bulk of the market volume and its growth in 2026 are driven by the most reliable bond issuers — those with double AA and triple AAA category ratings, while bond issues with lower ratings are forced to reduce their presence on the market due to stringent funding conditions and offers that are less attractive to investors.