Sectoral Analysis of Issuers in the Russian High-yield Bonds Market

Student: Borzunova Anastasiia

Educational Programme: Economics (Bachelor)

Year of Graduation: 2021

High-yield bonds hold a particularly unique space in the Russian debt market and have occurred only a couple of years ago. However, very little attention has been paid to investigating the market peculiarities and this issue deserves a well-structured empirical analysis. Therefore, the main aim of this study is to provide comparative analysis of industries of the Russian high-yield bonds market by determining the number of key factors influencing its dynamics. The analysis is based on data aggregation and building linear regression models that include 113 high-yield bonds and attempts to estimate the relationship between the yield of bonds and characteristics of issues, firms and macroeconomic variables reflecting the state of the market. As a result, this paper seeks to figure out a number of key factors that have influence on each sector dynamics and provide predictions about the development of industry in the future.

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