Features of Russian mortgage-backed bonds market
Denisov M.A.1
1 Алтайский государственный университет
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Journal paper
Russian Journal of Housing Research (РИНЦ, ВАК)
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Volume 5, Number 3 (July-September 2018)
Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=36640251
Cited: 4 by 07.12.2023
Abstract:
This article examines the development of the mortgage-backed bonds market in the Russian Federation. The object of the study is the Russian mortgage-backed bonds market, the subject is defined as features of its development. Mortgage-backed bond as an instrument of mortgage securitization is an important source of financing mortgage loans. The goal of this article is to identify the features of the Russian mortgage-backed market. In this article, we discuss the structure of new mortgage-backed securities issuance to determine the effectiveness of mortgage-backed securities in attracting funding. The analysis based on literature and statistical data. In this work, we analyzed statistical data on the Russian mortgage market and the mortgage-backed bonds market to define structure of mortgage-backed securities (MBS) issuance and determine market dynamics. The initial data for the statistical analysis were the materials of the Central Bank of Russia, the Russian housing development institution (DOM.RF) and the European mortgage federation. The main features of Russian mortgage-backed market were identified as a result. A state owned housing development institution plays a key role in developing the Russian MBS market. In 2017, MBS issuance share with guarantee from the institution reached 87% of total volume of mortgage-backed bonds in Russia. However, the MBS market is a modest source of funding of mortgage loans in Russia. A small number of Russian credit organizations can use mortgage-backed bond as an instrument of financing. To support development of the Russian MBS market, it is necessary to stimulate theА largest mortgage lenders to participate in the programme of mortgage securitization and to create an environment to attract investment in the MBS market. In the future, the mortgage-backed bonds may represent the second most important source of financing mortgage lending in Russia.
Keywords: securitization, mortgage-backed bonds, Mortgage-backed securities Factory, mortgage debt, mortgage-backed securities (MBS), DOM.RF
JEL-classification: G10, O30, O16
Highlights:
- Государственная стратегия развития жилищной сферы в России рассматривает эмиссию облигаций с ипотечным покрытием в качестве важного источника финансирования ипотечного кредитования.
- Облигации с ипотечным покрытием являются незначительным источником финансирования ипотечного кредитования, но имеют перспективы стать вторым по объемам привлечения источником финансирования ипотечного кредитования в России.
- Одной из основных особенностей российского рынка облигаций с ипотечным покрытием является значительная доля облигаций, выпущенных с гарантией от государственного института развития.
- Высокая концентрация ипотечных активов у небольшого числа кредитных организаций и риск низкого спроса инвесторов являются ограничивающими факторами роста рынка облигаций с ипотечным покрытием.
- Для развития рынка, необходимо стимулировать участие кредиторов, крупнейших держателей ипотечных активов, в процессе секьюритизации и создании условий для привлечения инвесторов.
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