### Most Liquid Corporate Bonds Traded on Moscow Exchange
Below is a list of the most liquid corporate bonds traded on the Moscow Exchange:
- **RSKH Bonds Series BO-02-002R (ISIN: RU000A1068R1)**: -0.1%
- **Polyus Bonds Series PBO-04 (ISIN: RU000A108L81)**: -0.1%
- **Borets Capital Bonds Series 1R-01 (ISIN: RU000A105ZX2)**: -0.3%
- **AFK Sistema Bonds Series 14 (ISIN: RU000A101XN7)**: +0.1%
In Russia, a national rating scale is used. Here’s a breakdown of bond ratings:
- **AAA**: The most reliable bonds issued by large, systemically important companies, often with state participation.
- **A- to AA+**: Reliable bonds, typically invested in by pension funds and other institutional investors.
- **BBB+ to BBB+**: Transitional category, issued by companies that may be sensitive to adverse market or economic events (e.g., interest rate hikes).
- **B+ to BB+**: High-yield bonds (HY) with higher risks and higher returns, often issued by small and medium-sized businesses in risky sectors.
- **CCC, D**: Bonds on the brink of default, with maximum risk.
This overview was presented by Alexey Grishchenko, Ph.D., Professor of Operational and Sectoral Management at the Faculty of Higher School of Management, Financial University under the Government of the Russian Federation.