Methodological commentary to the amount outstanding of debt securities issued in the domestic market
I. General information
Information on the amount of debt securities issued in the domestic market (Debt Securities Issued) is compiled in compliance with the international standards. The methodological basis is the Handbook on Securities Statistics1.
The amount of debt securities issued in the domestic market is published by the Bank of Russia on a quarterly basis broken down by economic sectors and maturity, both in rubles and foreign currency.
Information on debt securities issued is used to compile indicators of financial accounts and the financial balance sheets of the system of national accounts of the Russian Federation.
II. Sources of information
II.1. Unified State Register of Legal Entities;
II.2. Register of Issues (Additional Issues) of Credit Institutions’ Securities Registered by the Bank of Russia;
II.3. Book of State Registration of Credit Institutions;
II.4. List of Financial Sector Corporations;
II.5. Register of issue-grade securities of issuers other than depository corporations;
II.6. Corporate securities database of the National Settlement Depository (NSD Database) concerning securities with valid ISIN code.
III. Compilation of statistics on debt securities issued in the domestic market
III.1. Information on debt securities issued is compiled broken down by the following sectors and subsectors of the economy of the Russian Federation:
- Central Bank (S121);
- Other deposit-taking corporations (S122);
- Insurance corporations (S128);
- Other financial corporations (S125)2;
- General government (S13);
- Non-financial corporations (S11);
- Non-residents (S2).
Codes of the sectors are in compliance with the System of National Accounts 2008 (2008 SNA) (European Commission, IMF, OECD, UN, World Bank, 2009).
III.2. Securities issuers are classified into subsectors of the financial sector (central bank (S121), other deposit-taking corporations (S122), other financial corporations (S125), insurance corporations (S128)) in accordance with the List of Financial Sector Corporations. Securities issuers classification of non-financial corporations (S11) is based on information regarding entity’s economic activity. The list of securities issued by non-residents (S2) is based on the NSD Database.
III.3. The following aspects are taken into account, when compiling information on debt securities issued:
- Securities issues are in circulation and are not redeemed/cancelled;
- State registration of the report on the results of the (additional) issue securities has been executed, or a notice on (additional) securities issue results has been submitted;
- Data reflect redemption at nominal value;
- The volume of securities issued in foreign currency is calculated at the exchange rate on the last business day preceding the reporting date.
III.4. Debt securities of other deposit-taking corporations (S122) comprise securities issued by credit institutions included in the Book of State Registration of Credit Institutions as of the reporting date. Information on bonds issued by credit institutions is based on the Register of Issues (Additional Issues) of Credit Institutions’ Securities Registered by the Bank of Russia.
III.5. Information on listed bonds issued by resident legal entities (including credit institutions) and non-resident legal entities is based on the NSD Database.
III.6. The amount outstanding of debt securities in the domestic market issued by the general government (S13) is determined on the basis of the information from the Ministry of Finance of the Russian Federation. The information includes the data on the internal government debt of the Russian Federation measured in government securities of the Russian Federation (excluding bonds of the Russian Federation placed in foreign markets) and municipal securities. Debt securities of the general government sector also include debt securities of state corporations JSC RUSNANO and Russian Highways State Company (relevant information is based on data from the NSD Database).
III.7. Information on Debt Securities Issued may be amended as administrative sources improve and new information emerges, as well as in the course of communication with reporting entities.
IV. Information control and processing
IV.1. Information received from various sources is subject to the following controls and processing:
- elimination of data duplication;
- data correction;
- control of availability of data on an entity in the Unified State Register of Legal Entities.
IV.2. Control of information on debt securities issued across all subsectors is carried out on the basis of issuers’ quarterly reports, entities’ accounting statements and other reports.
|1 Handbook on Securities Statistics (BIS, ECB, IMF, 2015).|
|2 Including data on State Development Corporation VEB.RF.|