On the Dynamics of Trading Corporate Bonds on the MICEX (Moscow Stock Exchange)

15:35; 11 December 2025 year

Below are the most liquid corporate bonds traded on the Moscow Exchange: - RSCHB bond issue B02-002R (ISIN code - RU000A1068R1) +0.1%; - Polyus PBO-04 bond (ISIN code - RU000A108L81) -0.1%; - Boretz Capital 1R-01 bond (ISIN code - RU000A105ZX2) +0.1%; - AFK Sistema bond issue 14 (ISIN code - RU000A101XN7) +1%. It is noted that all corporate bonds have a rating, which 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 the "D" step means actual default. The higher the rating, the more reliable the issuer and, as a rule, the lower the bond yield. "AAA" bonds are the most reliable. They are large system-forming companies, usually with state participation. Bonds from "A-" to "AA+" are reliable papers. They are invested 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., interest rate hikes). 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 areas. Bonds "CCC", "D" are on the verge of default. These papers have 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.

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