Securities portfolio

The securities portfolio of the Group consists of bonds by 97.3% and is used for liquidity management.

The proportion of equities in the portfolio decreased by 1.3 percentage points to 2.6% by the 2013 year-end. Corporate bonds reached 33.1% of the total portfolio as of end 2013, which represents an increase of 0.6 percentage points. The share of investment-grade papers in this category increased to 59.8% (versus 52.5% in 2012).

During 2013, the share of securities pledged under repo transactions increased to 62.8% of the total portfolio from 48.2% in 2012. Most of these transactions are with the Bank of Russia.

Securities portfolio breakdown

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RUB bn

2013

% of total

2012

% of total

Federal loan bonds (OFZ bonds)

946.1

44.2%

783.9

39.8%

Corporate bonds

707.9

33.1%

641.6

32.5%

Foreign government bonds

169.5

7.9%

205.0

10.4%

Russian Federation Eurobonds

139.6

6.5%

141.7

7.2%

Municipal and subfederal bonds

120.0

5.6%

117.9

6.0%

Total debt securities

2,083.1

1,890.1

Corporate shares

55.1

2.6%

76.5

3.9%

Investments in mutual funds

3.0

0.1%

3.1

0.2%

Total securities

2,141.2

100.0%

1,969.7

100.0%


Bond portfolio by credit rating

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2013

% of total

2012

% of total

Investment rating

1,719.4

82.5%

1,514.2

80.1%

Speculative rating

310.5

14.9%

331.0

17.5%

Not rated

53.2

2.6%

44.9

2.4%

Total debt securities

2,083.1

100.0%

1,890.1

100.0%

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