An extended portfolio of that web.Russia invests money of “undecideds” has become largely consist of corporate bonds. Their share is approaching 40%, and given the maturity in the next eighteen months a considerable volume of government savings securities may exceed half of the portfolio. Moreover, the offset investment will go in favor of debt securities of state corporations, including in their “eternal” bonds, implementing a policy of Vnesheconombank as a development institution, experts say.The share of corporate bonds in the extended portfolio, through which the state management company (GUK) on the web.Russia invests money of “undecideds” in the middle of 2020 has reached a historic high At June 30, these securities were invested 716,9 billion roubles, or 39% of the portfolio. This is evidenced by the data of the Pension Fund of Russia (PFR). Greater investment in corporate bonds was only at the end of 2016 — 718,1 billion rubles, or 35%.And more than half — 363 bln rubles of these investments are government savings bonds (GSO), which formerly housed the Ministry of Finance by private subscription. According to the Ministry, in the next half year will have the repayment of the bonds by more than 130 billion roubles, and the latest issue will be repaid in March 2027.The flow in corporate bonds of VEB explain “attractive level of profitability of these tools in combination with a low level of risk”. “To empower the investment of savings with minimal risk and attractive returns directed the increase from 40% to 60% of the maximum share of bonds in the extended portfolio”,— said the representative of gosupravlenie. Also this year, Hooke was allowed up to 10% pension savings to invest in “eternal” bonds of Russian corporations and securities Railways — up to 20%. In the explanatory note to the change of investigatii extended portfolio of Vnesheconombank noted that government of UK is planning to buy up to 100 billion rubles debt securities of the transportation monopolies.However, this is significantly less than it was in the middle of last year, when the share of Bank deposits held more than a quarter of the portfolio. This tool can be a tool for managing liquidity of the Bank, in particular, the risk of outflow of funds in the Fund at the end of the transition campaign taking place in the first quarter. In EBV, these investments explain the “need to maintain a liquidity reserve to provide it at the request of the FIU”, although a transitional campaign this year is in danger of becoming the weakest in the history of the funded system OPS. However, the funds closed at the end of the first quarter deposits were invested in the bond market. And if investments in government bonds as a result, increased by only 18.2 billion RUB, VLOtion in corporate bonds — on 54.4 billion rubles.”as the repayment of the bonds, as well as all the lesser appeal of deposits the Bank will continue to rebalance your portfolio. And given its role as a development institution, investments in corporate bonds of state companies can become the main direction of investment”,— says managing Director “Expert RA” Pavel Mitrofanov. According to him, cmus will move from the prevailing debt financing to investment in quasilocal — corporate bonds state-owned corporations, including the “eternal” bonds. “This strategy is consistent with the objectives gosupravlenie as a conservative investor, which, however, enabled him in recent times to overtake on the profitability of many managers of private funds”,— the expert specifies.Ilya Usov
