Municipal Bond Indices
The MICEX Municipal Bond Index comprises of bonds issued by the Russian Federation subdivisions and municipal entities admitted to trading on MICEX Stock Exchange. The Index components are weighted by volumes of the bond issues. The base value of the Index is 100 points as of December 30, 2005.
Selection criteria for Index membership are as follows:
- credit ratings of the international agencies Standard & Poor"s, Moody"s, Fitch Ratings and Russian RusRating, Expert RA, National Rating Agency and АК&M given to the issuers are taken into account;
- nominal volume issued shall be no less than RUB1 billion;
- term to maturity\nearby buyback offer shall be no less than 6 months;
- average daily trading volume of the bonds per quarter shall be no less than RUB3 million.
In addition, yield to maturity and duration values are calculated based on the MICEX MBI"s constituent list.