Corporate Bond Trading Dynamics on MICEX Exchange

13:58; 12 February 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 Bonds Series BO-02-002R (ISIN: RU000A1068R1)**: +0.1% - **Polyus Bonds Series PBO-04 (ISIN: RU000A108L81)**: -0.3% - **Borets Capital Bonds Series 1R-01 (ISIN: RU000A105ZX2)**: +0.1% - **AFK Sistema Bonds Series 14 (ISIN: RU000A101XN7)**: +0.2% All corporate bonds traded in Russia have a credit rating. The national rating scale is used, with the highest rating being "AAA" and the lowest being "C". Additionally, there is a "D" rating, which indicates an actual default. The higher the rating, the more reliable the issuer and, typically, the lower the yield on its bonds. - **"AAA"**: These are the most reliable bonds, usually issued by large systemically important companies, often with state participation. - **"A-" to "AA+"**: These are reliable bonds, often invested in by pension funds and other institutional investors. - **"BBB-" to "BBB+"**: This is a transitional category, which may include reliable companies that are sensitive to adverse market and economic events (e.g., a hike in the key interest rate). - **"B-" to "BB+"**: These are high-yield bonds (HYB). The risks are high, as is the yield. These may be small or medium-sized businesses operating in risky sectors. - **"CCC" and "D"**: These bonds are on the brink of default, with maximum risks. This overview was prepared by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management at the Higher School of Management of the Financial University under the Government of the Russian Federation.

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