VTB assessed the prospects of the coming year for investors

The coming year may become one of the most attractive for investors in recent times: the key rate reduction phase continues, debt instruments offer a premium to deposits, and stocks retain high growth potential. These trends were the basis for the VTB My Investments strategy for 2026, which the broker presented at the VTB investment forum "RUSSIA IS CALLING!".

According to analysts, the Russian economy is moving to a smooth cooling phase, and "in 2026, the GDP growth rate may reach 1.2% per year in the baseline scenario and 2.5% in the positive one." At the same time, "the labor market remains tense, wages are growing faster than productivity, and domestic demand remains stable," experts say.

Taking into account macroeconomic factors, the bank's experts predict a gradual weakening of the ruble. The dynamics of the national currency "are influenced by lower prices for Russian oil, a decrease in the Central Bank's foreign exchange sales as part of operations with the National Welfare Fund and the restoration of imports," they note.

According to experts, the key rate for the end of 2026 may be 13%, and debt instruments will be of particular interest to investors. "Long—term OFZs in the context of a key rate reduction cycle can provide full profitability at the level of 22-25% over the horizon of the year," the broker's analysts believe. — Corporate bonds of reliable quality maintain a premium to deposits: the yields on issues of the AA rating group reach 17-18% per annum."

According to Alexey Kornilov, investment strategist at VTB My Investments, the country's economy is in a cycle of lowering the key interest rate, which is expected to continue next year. This situation is traditionally positive for the growth of the value of financial assets. "Now it is possible to record high bond yields and form a diversified portfolio with an eye to 2026," Kornilov said.

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