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) -0.4%;

- Borets Capital 001P-05 bond (ISIN code: RU000A10EK71) +0.3%;

- AFK Sistema Bond Issue 14 (ISIN code: RU000A101XN7) +0.2%.

In Russia, a rating scale is used to classify bonds:

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

- Bonds rated from "A-" to "AA+" are considered reliable and 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 or economic events (e.g., an increase in the key interest rate).

- Bonds rated from "B-" to "BB+" are high-yield issuers (HY). They carry higher risks but also offer higher returns. These could be small or medium-sized businesses operating in risky sectors.

- Bonds rated "CCC" or "D" are on the brink of default, carrying the highest level of risk.

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