Cbonds high yield bond index. Source: https://cbonds.ru/indexes/Cbonds-CBI-RU-High-Yield/
The high-yield bond segment is also falling, but falling below the first tier. Large coupon payments and short maturity periods are also stabilizers. But even here, judging by the Cbonds-CBI RU High Yield index, no progress is evident. For almost 2 months of 2021, the index brought only about 1% on the invested capital, or slightly more than 7.5% per annum (in the PRObonds # 1 HDO portfolio, the yield from December 31, 2020 to February 19 is higher, 9.1%, but it is more seems like an inaccuracy due to the difference in the lists of papers). If the broad bond market – both corporate and the public debt market – does not stop its decline, the HDI segment is able to settle in yields below 10%, which, after deducting inflation (the last value is 5.2%) and taxes, makes investments in it controversial, especially with adjustment for default probabilities and risks.