Russian Corporate Bond Trading Dynamics on MICEX Exchange

15:27; 19 February 2026 year

### Most Liquid Corporate Bonds 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)**: +0.5% - **Borets Capital Bonds Series 1R-01 (ISIN: RU000A105ZX2)**: +0.1% - **AFK Sistema Bonds Series 14 (ISIN: RU000A101XN7)**: +0.1% All corporate bonds in Russia are rated using a national rating scale. The highest rating is "AAA", and the lowest is "C", with a "D" rating indicating a default. Generally, the higher the rating, the more reliable the issuer and the lower the bond yield. - **"AAA"**: These are the most reliable bonds, typically issued by large, systemically important companies, often with state participation. - **"A-" to "AA+"**: Reliable bonds, favored by pension funds and other institutional investors. - **"BBB-" to "BBB+"**: Transitional category, representing companies that may be sensitive to adverse market or economic conditions (e.g., interest rate hikes). - **"B-" to "BB+"**: High-yield bonds (HYB), with higher risks and higher returns, often issued by small and medium-sized businesses in risky sectors. - **"CCC" and "D"**: These bonds are at the brink of default, carrying the highest risks. This overview was prepared by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the "Higher School of Management" Faculty at the Financial University under the Government of the Russian Federation.

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