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International institutional investors are snapping up Russian bonds despite political risks in the country.
Global investors are raising their stakes on the Russian bond market to the highest in the past two years, Kommersant reports. Last week, they invested $170 mln into this market, and over $320 mln since the start of 2021. Non-residents are buying Russian debt securities despite a rise in political risks, since there is a deficit of profitable and reliable bonds on the global market, reported Russian state news agency TASS.
Kommersant estimated, according to a BCS Global Markets report, based on the data of Emerging Portfolio Fund Research (EPFR) that in the week that ended on January 20, over $170 mln had been invested in Russian bonds, which is twice as high as the week before and the highest weekly figure since February 2019. The steady influx of investments into Russian assets has continued for 28 weeks straight, and in this time, over $2.6 bln in total.
Russia under Putin has developed a reputation for prudent fiscal management, with rainy-day funds filled with cash from state-run oil and gas operations. This reality is in spite of political unrest, repression, and an oligarch-run economy.
Russia has very low sovereign debt compared to most developed nations.
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