THE STRUCTURED BOND MARKET IN A VOLATILE ENVIRONMENT: DEMAND FACTORS, RISKS, AND RECOMMENDATIONS
This article provides a thorough analysis of the Russian structured bond market. Over the past three years, this market has experienced significant growth. While direct purchase of such assets is primarily accessible to qualified investors, unqualified market participants can purchase alternative financial instruments with a similar structure upon passing a test. The study aims to identify the factors influencing investors' choice of structural bonds in a volatile market, and to assess the impact of the regulatory environment and Bank of Russia policies on supply and demand dynamics. Objectives include categorising issues by type of underlying asset, analysing payment conditions and risk levels for retail investors, and comparing structural bond performance with that of alternative instruments (government and corporate bonds, and bank deposits) in different macroeconomic scenarios. The work also aims to compare the Russian structural bond market with alternatives, and to formulate practical recommendations for retail investors and regulators regarding the management of early redemption risks and investment strategy selection. The article discusses the typical parameters of the underlying assets and the legal features of the issues. A key aspect of the study is the comparative analysis of the profitability of these products against alternative market indicators and risk-free instruments. It identifies factors influencing investors' choices in volatile environments, examines regulatory and monetary policy impacts on demand and product structure, and provides market participants and regulators with practical recommendations to mitigate early repayment risks and improve transparency.
Golovko O.A. “The structured bond market in a volatile environment: demand factors, risks, and recommendations”, Research Result. Economic Research, 12(2), 122-130, DOI: 10.18413/2409-1634-2026-12-2-1-2
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