8. Trading securities
| In billions of Russian Roubles | 2012 | 2011 |
|---|---|---|
| Federal loan bonds (OFZ bonds) | 26.6 | 26.0 |
| Corporate bonds | 19.6 | 26.6 |
| Foreign government bonds | 15.1 | 3.9 |
| Russian Federation Eurobonds | 12.4 | 6.3 |
| Municipal and subfederal bonds | 0.8 | 7.2 |
| Total debt trading securities | 74.5 | 70.0 |
| Corporate shares | 14.8 | 29.7 |
| Investments in mutual funds | 1.1 | 2.3 |
| Total trading securities | 90.4 | 102.0 |
Fair value of trading securities is based on their market quotations and valuation models with use of data both observable and not observable on the open market and reflects credit risk related write downs.
As trading securities are carried at fair value the Group does not analyse or monitor impairment indicators separately for these securities.
Analysis by credit quality of debt trading securities outstanding at 31 December 2012 is as follows:
| In billions of Russian Roubles | Investment rating | Speculative rating | Not rated | Total |
|---|---|---|---|---|
| Federal loan bonds (OFZ bonds) | 26.6 | — | — | 26.6 |
| Corporate bonds | 9.5 | 8.9 | 1.2 | 19.6 |
| Foreign government bonds | 7.8 | 7.3 | — | 15.1 |
| Russian Federation Eurobonds | 12.4 | — | — | 12.4 |
| Municipal and subfederal bonds | — | 0.8 | — | 0.8 |
| Total debt trading securities | 56.3 | 17.0 | 1.2 | 74.5 |
Analysis by credit quality of debt trading securities outstanding at 31 December 2011 is as follows:
| In billions of Russian Roubles | Investment rating | Speculative rating | Not rated | Total |
|---|---|---|---|---|
| Corporate bonds | 9.0 | 9.2 | 8.4 | 26.6 |
| Federal loan bonds (OFZ bonds) | 26.0 | — | — | 26.0 |
| Municipal and subfederal bonds | 0.9 | 6.1 | 0.2 | 7.2 |
| Russian Federation Eurobonds | 6.3 | — | — | 6.3 |
| Foreign government bonds | 0.4 | 3.5 | — | 3.9 |
| Total debt trading securities | 42.6 | 18.8 | 8.6 | 70.0 |
Credit quality in the tables above is based on the rating scale developed by the international rating agencies.
At 31 December 2012 and 31 December 2011 there were no renegotiated trading debt securities that would otherwise be past due. Trading debt securities are not collateralised. All trading debt securities are not past due.
Currency and maturity analyses of trading securities are disclosed in Note 32. The information on trading securities issued by related parties is disclosed in Note 38.