On February 20, 2025, the Bank of Russia announced an expansion of the list of bonds available to non-qualified investors without mandatory testing. Now such investors can purchase corporate bonds with a credit rating of "A+" and higher, with the exception of those secured by a pledge of cash claims, including mortgages. According to the regulator, these instruments have high liquidity and a low probability of default - about 1.3%.
Previously, non-qualified investors could invest only in federal loan bonds, regional bonds regardless of their credit rating, as well as in other debt instruments with a rating of at least "AAA" without undergoing testing. The innovation is aimed at strengthening investor protection from credit risks and increasing the attractiveness of the debt market for retail participants.
This decision of the Board of Directors of the Bank of Russia dated February 14, 2025 sets new credit rating levels in accordance with the Federal Law "On the Securities Market".
It is worth noting that from January 1, 2025, the Bank of Russia has limited access of non-qualified investors to foreign securities. Now they can only purchase securities of issuers from the countries of the Eurasian Economic Union (EAEU) and international financial organizations included in the EAEU infrastructure.
Thus, the Bank of Russia continues to improve the regulation of the financial market, ensuring a balance between expanding investment opportunities for non-qualified investors and the necessary level of their protection.
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