12. Investment Securities Available for Sale
| In billions of Russian Roubles | 2012 | 2011 |
|---|---|---|
| Corporate bonds | 320.2 | 320.3 |
| Foreign government bonds | 150.2 | 22.0 |
| Federal loan bonds (OFZ bonds) | 149.6 | 410.9 |
| Russian Federation Eurobonds | 117.7 | 23.6 |
| Municipal and subfederal bonds | 21.3 | 47.6 |
| Total debt investment securities available for sale | 759.0 | 824.4 |
| Corporate shares | 45.5 | 60.1 |
| Total investment securities available for sale | 804.5 | 884.5 |
Investment securities available for sale are carried at fair value which also reflects credit risk related write downs. Fair value of investment securities available for sale is based on their market quotations and valuation models with use of data both observable and not observable on the open market. According to the assessment of the Group as at 31 December 2012 impairment of investment securities available for sale comprised 5.0 billion RUB (2011: 1.1 billion RUB) and was recognised in profit or loss. The unrealised gains/(losses) on revaluation of investment securities available for sale other than impairment loss are recognised in other comprehensive income and presented in equity as fair value reserve for investment securities available for sale as at 31 December 2012 in the cumulative gain of 37.3 billion RUB (2011: loss of 7.5 billion RUB).
As at 31 December 2012 included in investment securities available for sale are past due fully impaired corporate bonds with nominal value of 0.1 billion RUB (2011: 0.1 billion).
None of the investment securities available for sale were renegotiated.
Analysis by credit quality of debt investment securities available for sale outstanding at 31 December 2012 is as follows:
| In billions of Russian Roubles | Investment rating | Speculative rating | Not rated | Total |
|---|---|---|---|---|
| Corporate bonds | 219.9 | 95.1 | 5.2 | 320.2 |
| Foreign government bonds | 126.9 | 21.2 | 2.1 | 150.2 |
| Federal loan bonds (OFZ bonds) | 149.6 | — | — | 149.6 |
| Russian Federation Eurobonds | 117.7 | — | — | 117.7 |
| Municipal and subfederal bonds | 8.1 | 13.0 | 0.2 | 21.3 |
| Total debt investment securities available for sale | 622.2 | 129.3 | 7.5 | 759.0 |
Analysis by credit quality of debt investment securities available for sale outstanding at 31 December 2011 is as follows:
| In billions of Russian Roubles | Investment rating | Speculative rating | Not rated | Total |
|---|---|---|---|---|
| Federal loan bonds (OFZ bonds) | 410.9 | — | — | 410.9 |
| Corporate bonds | 163.9 | 140.0 | 16.4 | 320.3 |
| Municipal and subfederal bonds | 28.8 | 18.5 | 0.3 | 47.6 |
| Russian Federation Eurobonds | 23.6 | — | — | 23.6 |
| Foreign government bonds | 8.2 | 13.8 | — | 22.0 |
| Total debt investment securities available for sale | 635.4 | 172.3 | 16.7 | 824.4 |
Credit quality in the tables above is based on the rating scale developed by the international rating agencies.
Currency and maturity analyses of investment securities available for sale are disclosed in Note 32. The information on related party balances is disclosed in Note 38.