Corporate Bond Trading Dynamics on MICEX Exchange

14:27; 05 November 2026 year

### Liquid Corporate Bonds Traded on Moscow Exchange on Thursday - **Polyus PBO-04 bond (ISIN: RU000A108L81)** +0.1% - **Borets Capital 001P-05 bond (ISIN: RU000A10EK71)** -0.2% - **AFK Sistema Bond Issue 14 (ISIN: RU000A101XN7)** -0.2% It is worth noting that all corporate bonds have a credit rating. In Russia, a national rating scale is used, where the highest rating is **"AAA"** and the lowest is **"C"**, with an additional category **"D"** indicating actual default. The higher the rating, the more reliable the issuer and, typically, the lower the yield on its bonds. - **"AAA"**: The most reliable bonds, issued by large systemically important companies, often with state participation. - **"A-" to "AA+"**: Reliable bonds, often invested in by pension funds and other institutional investors. - **"BBB-" to "BBB+"**: Transitional category; these may be reliable companies but are sensitive to adverse market and economic events (e.g., interest rate hikes). - **"B-" to "BB+"**: High-yield issuers (HY). High risks, high returns; often issued by small and medium-sized businesses operating in risky sectors. - **"CCC" and "D"**: On the brink of default; these bonds carry the highest risks. This overview was provided by Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.

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