Russian Corporate Bonds Traded on Moscow Exchange

15:31; 22 January 2026 year

### Most Liquid Corporate Bonds Traded on Moscow Exchange Below is a list of the most liquid corporate bonds currently traded on the Moscow Exchange: - **RSKH Bond Series BO-02-002R (ISIN: RU000A1068R1)**: -0.1% - **Polyus Bond Series PBO-04 (ISIN: RU000A108L81)**: -0.2% - **Borets Capital Bond Series 1R-01 (ISIN: RU000A105ZX2)**: -0.1% - **AFK Sistema Bond Series 14 (ISIN: RU000A101XN7)**: -0.4% It is important to note that all corporate bonds in Russia have ratings. Russia uses a national rating scale where the highest rating is "AAA" and the lowest is "C", with a "D" rating indicating an actual default. Generally, the higher the rating, the more reliable the issuer and the lower the yield on its bonds. - **"AAA"** bonds are the most reliable. These are usually large, systemically important companies, often with state participation. - Bonds rated from **"A-" to "AA+"** are considered reliable and are typically invested in by pension funds and other institutional investors. - Bonds rated from **"BBB-" to "BBB+"** are transitional. These may be reliable companies that are sensitive to adverse market or economic events (e.g., an increase in the key interest rate). - Bonds rated from **"B-" to "BB+"** are high-yield issuers (HY). The risks are high, as is the yield. These can be small or medium-sized businesses operating in risky sectors. - Bonds rated **"CCC" or "D"** are on the brink of default, with maximum risks. This overview was presented by Yulia Grishchenko, 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, and a member of the Expert Council on Listing at the Moscow Exchange.

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