On the Dynamics of Trading Corporate Bonds

12:03; 05 December 2025 year

Below are the most liquid corporate bonds traded on MICEX: - RSX Bank Bonds Issue B02-002R (ISIN: RU000A1068R1) +0.1%; - Polyus Bonds PBO-04 (ISIN: RU000A108L81) +0.4%; - Borец Капитал 1R-01 (ISIN: RU000A105ZX2) -0.1%; - AFK Sistema Bonds Issue 14 (ISIN: RU000A101XN7) +0.2%. All corporate bonds have a rating that allows investors to quickly assess the credit quality of the issuer. In Russia, national rating scales are used. The highest rating is "AAA", the lowest is "C", and there is also the "D" step, which means a factual default. The higher the rating, the more reliable the issuer and, generally, the lower the yield of its bonds. "AAA" bonds are the most reliable. These are usually large system-forming companies with state participation. Bonds from "A-" to "AA+" are reliable papers. They are invested in by pension funds and other institutional investors. Bonds from "BBB+" to "BBB-" are a transitional category. These can be reliable companies that are sensitive to adverse market and economic events (e.g., an increase in the key interest rate). Bonds from "B+" to "BB+" are high-yield issuers (HY). Risks are high, as is the yield. These can be small and medium-sized businesses operating in risky sectors. Bonds "CCC", "D" are on the verge of default. These bonds have the highest risks. The review was presented by Yulia Grishchenko, a member of the Expert Council on Listing at the Moscow Exchange, PhD in Economics, Head of the Financial and Investment Management Department at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.

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