Globally, including in Russia, bonds are issued by various entities. Depending on the issuer, bonds can be categorized into federal bonds, sub-federal bonds, municipal bonds, and corporate bonds.
In terms of liquidity, based on popular credit ratings like Standard & Poor’s, bonds are classified into "blue chips" and second and third-tier bonds. The issuers of "blue chip" bonds are organizations that significantly influence the economy of a particular country and enjoy government support.
Second-tier issuers have a substantial impact on the economy at the regional level and possess a well-known brand with an extensive network of representation. Third-tier issuers are companies that typically carry a heavier debt load and have poor assets. In times of trouble, bonds from these companies can be challenging to sell, yet they offer higher returns.
Bonds are also categorized based on the type of income they generate—interest-bearing and discount bonds. For interest-bearing bonds, a predetermined interest percentage of the nominal value is paid during the issuance period until maturity, with the nominal value paid back to the investor upon maturity.
Discount bonds, on the other hand, do not pay periodic interest. These bonds are offered for purchase at a price below their nominal value, with repayment done at the nominal value.
