Most Liquid Corporate Bonds Traded on Moscow Exchange Listed Below

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Below is a list of the most liquid corporate bonds traded on the Moscow Exchange:

- Russian Agricultural Bank bond issue BO-02-002R (ISIN code - RU000A1068R1) +0.1%;

- Polyus bond issue PBO-04 (ISIN code - RU000A108L81) -0.9%;

- Borets Capital bond issue 001P-05 (ISIN code - RU000A10EK71) -0.1%;

- AFK Sistema bond issue 14 (ISIN code - RU000A101XN7) -0.2%.

In Russia, a rating scale is used to assess bond reliability:

Bonds rated "AAA" are the most reliable. These are usually large systemically important companies, often with state participation.

Bonds rated from "A-" to "AA+" are reliable securities. They are typically invested in by pension funds and other institutional investors.

Bonds rated from "BBB-" to "BBB+" are transitional category. 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). 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. The risks associated with these bonds are maximum.

This overview was presented by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.