"Expert RA Reports Increase in Technical Defaults on Debt Market in Early 2026"

14:12; 15 April 2026 year

### Russian Bond Market Sees 11 Technical Defaults in Q1 2026 In the first quarter of 2026, the Russian bond and digital financial assets market saw 11 initial technical defaults, according to a report by the Expert RA rating agency, as reported by TASS. Four of these subsequently evolved into full defaults. Despite continued growth and record levels in the bond segment, the number of problematic cases among borrowers is on the rise. The number of technical defaults on the debt market tripled in 2025, with risks of further deterioration persisting in 2026. Investors continue to favor fixed-coupon bonds, aiming to lock in high yields amid expectations of further easing of monetary policy and a potential reduction in the key interest rate. Additionally, market participants are once again showing interest in quasi-currency bonds, which are becoming increasingly popular among both issuers and investors. The report also highlights a decline in the financial resilience of parts of the corporate sector. In 2025, the number of cases of credit rating downgrades and revisions doubled, indicating a reduction in the buffer of financial strength among non-financial companies. The largest borrowers remain in the most stable position, while companies with medium to high-risk ratings (from "BBB+" to "B-") are the most vulnerable to expensive funding and changes in market conditions. A significant factor of pressure on the market is the large volume of upcoming debt repayments. By the end of 2026, Russian companies will have to repay approximately 3.4 trillion rubles (excluding offers), which is 2.5 times higher than the previous year. According to analysts, the need for large-scale refinancing will intensify competition for liquidity and pose a serious challenge for issuers with lower credit ratings.

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