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The most liquid corporate bonds are trading in different directions on the last trading day of the week:
- RSXB bond issue BO-02-002R (ISIN code - RU000A1068R1) +0.1%;
- Polyus bond issue PBO-04 (ISIN code - RU000A108L81) -0.1%;
- Borets Capital bond issue 1R-01 (ISIN code - RU000A105ZX2) -0.1%;
- AFK Sistema bond issue 14 (ISIN code - RU000A101XN7) -0.2%.
National rating scale is used for issuers. The higher the rating, the more reliable the issuer and, as a rule, the lower the yield on its bonds. The highest rating is "AAA", the lowest is "C", and also the "D" step, which means actual default.
"AAA" bonds are the most reliable. These are large systemically important companies, usually with state participation.
Bonds from "A-" to "AA+" are reliable papers. Pension funds and other institutional investors invest in them.
Bonds from "BBB-" to "BBB+" are a transitional category. These can be reliable companies that are sensitive to adverse events in the market and economy (for example, an increase in the key rate).
Bonds from "B-" to "BB+" are high-yield issuers (HY). Risks are high, as is the yield. This may be small or medium-sized businesses operating in a risky sector.
Bonds "CCC", "D" are on the brink of default. Risks for such papers are maximum.
The overview was presented by Yulia Grishchenko, member of the Expert Council of the Moscow Exchange Listing Committee, Ph.D., Head of the Department of Financial and Investment Management of the Faculty "Higher School of Management" of the Financial University under the Government of the Russian Federation.
