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:

- Polus PBO-04 bond (ISIN code - RU000A108L81) -0.2%;

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

- AFK Sistema Bond Issue 14 (ISIN code - RU000A101XN7) +0.7%.

In Russia, a ratings scale is used:

«AAA» bonds - the most reliable. These are large systemically important companies, usually with state participation.

Bonds from «A-» to «AA+» - reliable securities. These are invested in by pension funds and other institutional investors.

Bonds from «BBB+» to «BBB+» - transitional category. These may be reliable companies that are sensitive to adverse events in the market and economy (for example, an increase in the key interest rate).

Bonds from «B+» to «BB+» - high-yield issuers (HY). Risks are high, as is the yield. This can be small or medium-sized businesses operating in a risky sector.

«CCC» and «D» bonds are on the brink of default. The risks for these securities are maximum.

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