On the Dynamics of Corporate Bond Trading

17:06; 31 October 2025 year

**On the Dynamics of Corporate Bond Trading** The most liquid corporate bonds traded on the Moscow Exchange are listed below: - RSX Bank bond issue BO-02-002R (ISIN code - RU000A1068R1) +0.1%; - Polyus bond issue PBO-04 (ISIN code - RU000A108L81) -0.4%; - Borets Capital bond issue 1R-01 (ISIN code - RU000A105ZX2) +0.1%; - AFK Sistema bond issue 14 (ISIN code - RU000A101XN7) +0.1%. All corporate bonds have a rating, which allows investors to quickly assess the creditworthiness of the issuer. In Russia, a national rating scale is used. The highest rating is "AAA", the lowest is "C", and there is also a "D" category, which indicates an actual default. Thus, the higher the rating, the more reliable the issuer, and typically, the lower the yield on its bonds. **"AAA" bonds** - the most reliable. These are large systemically important companies, usually with state participation. **"A-" to "AA+" bonds** - reliable securities. These are invested in by pension funds and other institutional investors. **"BBB-" to "BBB+" bonds** - transitional category. These may be reliable companies that are sensitive to adverse events in the market and economy (e.g., an increase in the key interest rate). **"B-" to "BB+" bonds** - high-yield issuers (HYE). Risks are high, as is the yield. These can be small and medium-sized businesses operating in risky sectors. **"CCC" and "D" bonds** are on the brink of default. The risks for such securities are maximum. This overview was provided by Yulia Grishchenko, a member of the Expert Council of the Moscow Exchange Listing Committee, Ph.D. in Economics, Head of the Department of Financial and Investment Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.

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