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:

- Polyus PBO-04 bond (ISIN code: RU000A108L81) -1.2%;

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

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

In Russia, a ratings scale is used:

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

Bonds rated from "A-" to "AA+" are reliable securities. They are 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 and 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 may be small and medium-sized businesses operating in risky sectors.

Bonds rated "CCC" or "D" are on the brink of default. 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.