### 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 Bond Series BO-02-002R (ISIN: RU000A1068R1)**: +0.1%
- **Polyus Bond Series PBO-04 (ISIN: RU000A108L81)**: -0.2%
- **Borets Capital Bond Series 001P-05 (ISIN: RU000A10EK71)**: +0.3%
- **AFK Sistema Bond Series 14 (ISIN: RU000A101XN7)**: +0.2%
In Russia, a credit rating scale is used to classify bonds:
- **AAA**: The most reliable bonds issued by large systemically important companies, often with state participation.
- **A- to AA+**: Reliable bonds, commonly 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 conditions (e.g., an increase in the key interest rate).
- **B- to BB+**: High-yield bonds (HYBs) with higher risks and higher returns, typically issued by small and medium-sized businesses operating in riskier sectors.
- **CCC, D**: Bonds on the brink of default, carrying the highest risks.
This overview was presented by Alexey Grishchenko, Ph.D., 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.