The current state and prospects for the development of the Russian sub-federal and municipal bond market

Subject. This article discusses the issues related to providing additional financing for budgets and attracting investments to the regions of Russia. Objectives. The article aims to assess the volume of issue, profitability and risk level of government, sub-federal and municipal bonds. Methods. For the study, we used the methods of economic and statistical analyses. Results. The article finds that the share of federal loan bonds and government savings bonds in the total volume of bonds in Russia exceeds 95%. Since 2005, there has been a steady increase in the volume of sub-federal and municipal bonds. The weighted average effective yield to maturity on sub-federal and municipal bonds was 13.44% and on government bonds 12.93%. In general, the issuance of bonds at the levels of the constituent entities of the Russian Federation and municipalities contributes to the development of the debt market in the country. Conclusions. The results of the study can be taken into account when drawing up budgets for regions and municipalities, as well as for assessing the effectiveness of the financial policy.