RGBI as an indicator of liquidity of government bonds

The paper examines and analyzes the main indicator of government bonds in the Russian Federation. A brief historical overview of the formation and evolution of the RGBI indicator is provided. The methodology for calculating the index is also examined. The study establishes a link between the liquidity of government bonds and the RGBI indicator. Additionally, the total yield indicator of government bonds, RGBITR, its methodology, differences, and advantages compared to the classical RGBI indicator are analyzed. During the work, the structure of the RGBI, the principle for forming a bond portfolio, the frequency of calculations, and specific criteria for including bonds in the RGBI portfolio were also analyzed. Furthermore, the dynamics of the RGBI over the period from its inception in 2003 until the end of 2024 is analyzed. During the study, trends and patterns in the index's dynamics were identified, on the basis of which predictions and assumptions about its future movement were presented. A close relationship was also established between the liquidity of the bond portfolio and the RGBI index's movement.