The high-yield bond segment has resisted the bond market correction for the longest time. But he could not resist either. The decline in quotations of high-yield securities itself is gradual, but lasts more than a month. And yet, since the beginning of the year, VDOs have shown positive yield (coupons + exchange rate dynamics), the Cbonds-CBI RU High Yield index since December 30 has added 1.1%, or 6.2% per annum. Whereas OFZs, sub-federal bonds, and the broad corporate market have been at a loss since the beginning of the year. The increased inflation puts pressure on the HDO quotes, however, their internal profitability prevents a deep dive. I do not think that the segment will face a “distribution” modeled on the previous February-March. But many issuers will think about raising coupon rates for the upcoming issues. To ensure they raise the money they need.