Edronova V.N.Lobachevsky State University of Nizhny Novgorod - National Research University, Nizhny Novgorod, Russian Federation v.n.edronova@mail.ru
Subject The domestic experience of the previous century and modern foreign experience show the important role of bond issues as a source of income of municipal budgets, municipal program and socio-economic project financing. The article explores the contemporary experience of bond issue by the cities of the Russian Federation. Objectives The study aims to generalize the Russian experience in municipal bond issue at the end of the 20th - beginning of the 21st centuries. Methods In the course of the study, I analyzed and summarized periodic publications, official data of the Ministry of Finance of the Russian Federation on registration and the terms of municipal and sub-federal bond issue of Moscow and St. Petersburg, the information published on Bonds.ru, the stock exchange, and Moscow Interbank Currency Exchange websites, and the terms of bond issue by Russian cities. Results Summarizing the experience in bond issue by modern cities of Russia enabled to reveal the chronology of this process, to structure it depending on the purpose and parameters of loans, their placement, structure of issuers, and volumes of borrowings. It is important to note that the process of municipal borrowings using bond issues is of wavelike nature, booms are followed by falls. Conclusions At present, the municipal bond market is going through another slack period due to the 2014 crisis. The obtained results may be interesting for researchers involved in stock market development.
Keywords: bonds, stock market, municipal borrowings, bond issue
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