Below are the most liquid corporate bonds traded on the Moscow Exchange:
- RSCHB Bond Issue B0-02-002R (ISIN code - RU000A1068R1) -0.1%;
- Polyus PBO-04 (ISIN code - RU000A108L81) +0.5%;
- Boretz Capital 1R-01 (ISIN code - RU000A105ZX2) -0.1%;
- AFK Sistema Issue 14. (ISIN code - RU000A101XN7) +0.4%.
In Russia, the national rating scale is used.
Bonds rated "AAA" are the most reliable. These are large system-forming companies, usually with state participation.
Bonds from "A-" to "AA+" are reliable instruments. They are often 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 return. These can be small and medium-sized businesses operating in risky sectors.
Bonds "CCC", "D" are close to default. These instruments carry the highest risks.
The review was presented by Yulia Grishchenko, a member of the Moscow Exchange Listing Expert Council, 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.