Retail bond holdings rise ₽158 billion in September
Retail investors added ₽158 billion to Russian corporate bond holdings in September, with asset-backed securities accounting for nearly half of the inflow. Stock purchases fell to their lowest level since January 2026, the Bank of Russia reported.
Asset-backed bonds break records
Retail investors increased holdings of Russian corporate bonds by ₽158 billion in September, the Bank of Russia reported in its Financial Market Risks Review.
Asset-backed securities accounted for nearly half of that inflow, as issuance of these securities reached a record ₽479 billion over the month.
Retail investors also continued to channel money into money market exchange-traded unit investment funds, extending a trend seen in prior months.
Stock purchases, by contrast, fell to their lowest level since January 2026, as retail allocation shifted toward fixed-income and money market instruments rather than equities.
The review noted that retail demand remained concentrated in short-duration instruments amid ongoing interest rate uncertainty.
Energy and tech lead monthly gains
Shares of oil and gas companies and IT firms delivered the highest returns in the Russian equity market in September, the central bank said.
Over a 12-month horizon, however, corporate bonds, money market instruments and ruble deposits generated the highest total returns among major asset classes.
The contrast highlights a divergence between short-term equity gains and longer-term performance of fixed-income and cash-like instruments.
Safety over speculation
Retail investors are favoring yield and safety over equity risk.
Record asset-backed securities issuance points to a maturing but narrow bond segment, not broad risk appetite.
The slump in stock purchases to a multi-month low suggests confidence in Russian equities remains fragile despite gains in energy and technology shares.