It so happened that today we have 2 ethers at once, dedicated to issuers of bonds from microfinance. At 13-00 – an interview with Boris Batin and Irina Khoroshko from IDF Eurasia / Mani Mena. At 18-00 – video analysis of the Zaymer multifunctional complex.
As a statistical addition, I propose a map of the bond market of Russian MFOs.
There are unifying features in it. The first thing that catches your eye is the difference between the average yield and the average coupon rate, which exceeds 4.5% (when calculating the average yield, KarMani MFK-01-bob securities were not taken into account, where at the current price the yield to the nearest put is sharply negative). This difference is explained, I believe, not by investment demand, but by the small size of the sector and its low liquidity. And also, it is secondly, very short-term securities. The average duration barely exceeds 300 days, i.e. 10 months.
So far, we can only talk about the emergence of the MFO bond sector. Its modest size (2.9 billion rubles in circulation) is an obvious example of this. And this, in theory, is high yield bonds. It is doubtful that coupon rates here will go below 12% at current value for money. In turn, regulatory requirements uniquely make it available only to qualified investors.