Sub-sovereign bond
Debt of a region — an oblast, a krai, a republic.
How to read the number
It sits between federal and corporate debt: a region is backed by the budget system, but not by a direct state guarantee.
When the metric lies
A large share of these issues amortise the principal, so the maturity date overstates the real holding period — money starts coming back much earlier.
Also known as: regional bond, oblast bond