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) +0.7%;

- Borets Capital 001P-05 bond (ISIN code: RU000A10EK71) +0.2%;

- AFK Sistema Issue 14 bond (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 considered reliable. They are typically invested in by pension funds and other institutional investors.

Bonds rated from "BBB-" to "BBB+" are transitional. 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). They carry high risks but also offer high returns. These could 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 the highest.

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.