Research Full Article

UDC336.763

Abstract. The purpose of this article is to investigate the phenomenon of the formation and development of the replacement bond market in Russia as an innovative tool for adapting the national financial sector in the context of the transformation of the global economy. Based on a comprehensive analysis of theoretical approaches to structuring debt instruments, the key mechanisms of functioning of the Russian market of replacement bonds, their relationship with traditional corporate bonds and their impact on the investment landscape of the country are revealed. Particular attention is paid to the prospects of integrating this segment into the overall architecture of the stock market and its potential to attract domestic investors in conditions of limited access to international capital markets. Methodology. Various theoretical models and concepts from the field of finance can be applied to analyze the replacement bond market, for example, the Harry Markowitz portfolio theory, the interest rate parity theory, and credit risk assessment models such as the Merton model. Results. A model for evaluating the performance of replacement bonds is proposed, which allows issuers and investors to optimize strategies for working with this financial instrument in the interests of sustainable development of the Russian economy, as well as the growth potential, forecasts, key problems and risks of the presented product. Conclusions. Replacement bonds are a new investment instrument, the demand for which continues to grow rapidly. Their appearance was a response to violations in the international financial infrastructure and restrictions on Russian investors’ access to Eurobonds due to sanctions. The replacement bonds allowed Russian issuers to fulfill their obligations to investors, maintaining foreign exchange yields, but converting payments into rubles at the exchange rate of the Bank of Russia. Due to the simplified issuance procedure and the preservation of the main parameters of Eurobonds, the instrument quickly became in demand among the largest issuers.

Keywords: Substitute bonds, investors, investment attractiveness, Eurobonds, coupon payments, National Settlement Depository.

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