The research prepared by the National Rating Agency examines the investment attractiveness of Russian regions. Factors influencing the feasibility, efficiency and risk level of investments in different regions were analyzed.
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Analytics
Research
2 September 2021
What is the state of the infrastructure of the Far Eastern Federal District? How much investment is needed to maintain it? What projects and instruments will help the District attract private capital?
Investment Management
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Research
8 July 2020
Expert RA, Russia’s largest rating agency issues the analysis ‘The US Sovereign Debt Is No Longer The #1 Asset. It is the first report on international financing and investment, which also touches on strategies and development projects, including Public Private Partnerships.
Expert opinion
13 February 2020
Research
11 December 2019
This edition of the annual publication of the Association for the Development of Clusters and Technology Parks of Russia prepared with support from the Ministry of Economic Development of the Russian Federation studies investment activity in Russian Special Economic Zones and assesses their investment attractiveness.
Research
26 September 2019
The placement of SNs under the Russian law can be incentivized by the introduction of access criteria for non-qualified investors. Federal Law 75-FZ introducing SNs in the Russian securities market entered into force in October 2018. The SNs novelty rests in that under certain circumstances, specified in issue documents, their issuer is allowed to pay the note holders less than the face value of the notes. Those circumstances include a range of triggers, such as changes in the costs of goods and securities, currency exchange rate, interest rates, official statistic data, inflation rate, etc. Circumstances determining the payments to note holders also include the default by corporate, sovereign and municipal entities (reference entities), which laid the groundwork for the issuance of Russian CLNs.
So far, there have been no SN offerings under the new law. Structured products (including those originated in overseas jurisdictions) were available to Russian investors previously. The notion of a ‘structured instrument’ is broader than that of a ’structured note’. Structured products include not only instruments that do not guarantee the face value of a note, but also those that protect the investors’ capital against loss (the so-called investment bonds). The latter entitle their holders to claim from the issuers the repayment of their face amount, a minimal fixed-rate coupon and additional sums (depending, e.g., on prices for some assets. Typical examples of these products are deposits and bonds whose issuer has a sovereign-grade rating, which also contain a derivative component (a put option on some asset).The embedded derivative component allows a higher yield, while the interest income on the note ensures the repayment of the face amount.
On June 30, 2019, there were 168 structured instruments issued by Russian market participants, including capital-protected products, , equivalent to around $2.15 billion, of which 109 issues ($90.366m) were denominated in rubles, 52 ($654.7m) in US dollars, and 7 ($71.6m) in euro.
So far, there have been no SN offerings under the new law. Structured products (including those originated in overseas jurisdictions) were available to Russian investors previously. The notion of a ‘structured instrument’ is broader than that of a ’structured note’. Structured products include not only instruments that do not guarantee the face value of a note, but also those that protect the investors’ capital against loss (the so-called investment bonds). The latter entitle their holders to claim from the issuers the repayment of their face amount, a minimal fixed-rate coupon and additional sums (depending, e.g., on prices for some assets. Typical examples of these products are deposits and bonds whose issuer has a sovereign-grade rating, which also contain a derivative component (a put option on some asset).The embedded derivative component allows a higher yield, while the interest income on the note ensures the repayment of the face amount.
On June 30, 2019, there were 168 structured instruments issued by Russian market participants, including capital-protected products, , equivalent to around $2.15 billion, of which 109 issues ($90.366m) were denominated in rubles, 52 ($654.7m) in US dollars, and 7 ($71.6m) in euro.
Research
29 May 2019
The report by the European Securities and Markets Authority (ESMA) provides an analysis of key determinants of the benefits and risks retail investors in the EU should be considering when taking investment decisions.
Expert opinion
26 March 2019
Expert opinion
26 March 2019
Research
17 August 2018
This report by InfraONE Research reveals the sources of funding infrastructure projects in Russia, reviews recent regulation changes for concessions and PPPs, and touches upon current trends in infrastructure projects in Japan and China.
Analytical digest
15 August 2018
The theme of this year’s St. Petersburg International Economic Forum was ‘Building a Trust Economy’
Research
26 March 2018
McKinsey provides an annual review of the private property market showing scaling in 2017. The way owners respond to the opportunities that arise will be critical to their success.
Research
26 March 2018
Investments in the infrastructure of capital markets in the sphere of financial technologies are growing rapidly. For companies, the key aspect is the attitude to financial technologies not as a strategy, but as a means of achieving strategic priorities.