The fall in prices of the first echelon of corporate bonds, though not as dramatic as in OFZ, is still noticeable and painful. The average price decline in our sample (30 liquid corporate bonds) decreased by 0.5% over 2 weeks, the average yield increased by 0.2%. The broad corporate bond market is lagging behind in the OFZ price trend, which has been correcting since last summer. And, it can be assumed, he has not yet come to his bottom. Traditionally, I did not like the bonds of the largest domestic corporations for their too restrained yields with non-zero risks of correction. And they still don’t like them.
The Moscow Exchange’s corporate bond net price index. Source: https://www.moex.com/ru/index/RUCBICP/technical/