Ranking of the Most Reliable Bonds Issued by Russian Issuers in 2025
Introduction
Bonds continue to be highly popular among private investors, offering a combination of stable income and moderate risk. In Russia, the key instruments are Federal Loan Bonds (OFZ) and high-rated corporate bonds. In 2025, due to the stabilization of key macroparameters and a decrease in market volatility, issues demonstrating the highest reliability levels were identified. The ranking takes into account data from local (AKRA, Expert RA) and international agencies (Moody’s, S&P), debt repayment history, liquidity, and issuance structure.
1. Criteria for Assessing Reliability
1.1. Credit Ratings of Issuers
One of the key indicators of reliability is the credit rating. Russian agencies AKRA and Expert RA assign ruble bonds ratings ranging from ruAAA to ruCCC, while international agencies Moody’s and S&P rate them from AAA to D. Securities with ruAAA or international ratings of BBB– and higher are classified as investment-grade, minimizing the likelihood of default and confirming the issuer's sustainability.
1.2. History of Obligations Fulfillment
A reliable issuer consistently pays coupons and redeems bonds on time. OFZs have never defaulted throughout their existence, while bonds of major banks and corporations, such as Sberbank or Lukoil, have only once revised coupon payment structures but have always met obligations promptly.
1.3. Liquidity on the Secondary Market
Liquidity is assessed by analyzing daily trading volume and the bid-ask spread. OFZs trade in volumes exceeding 30 billion RUR daily, allowing investors to execute large orders promptly. Major issues of corporate bonds from Gazprom and Sberbank provide volumes of up to 500–700 million RUR, while smaller emitters may have low turnover and wide spreads.
1.4. Yield to Maturity (YTM)
YTM considers all coupon payments and the difference between purchase price and nominal value. Reliable issues offer YTM ranging from 6.9% (OFZ-26207) to 9.8% (NLMK BO-001P-04). This metric allows investors to forecast and compare the yield of different securities based on current market conditions.
1.5. Maturity Period and Duration
The maturity period determines duration, which is a measure of a bond's price sensitivity to interest rate changes. Short-term issues (1–3 years) demonstrate a duration of up to 2 years, reducing interest risk. Long-term issues (7–10 years) have a duration of 6–8 years and can lose up to 7% in price with rising rates. Investors are advised to consider duration when forming a portfolio to balance risk and return.
2. Top 15 Reliable Bonds
| Rank | Issuer / Issue | Type | Maturity | Rating | YTM | Liquidity |
|---|---|---|---|---|---|---|
| 1 | OFZ-26225 | Government Bond | 5.2 years | ruAAA | 7.1% | Very High |
| 2 | OFZ-26224 | Government Bond | 7.5 years | ruAAA | 7.3% | Very High |
| 3 | OFZ-26207 | Government Bond | 3.8 years | ruAAA | 6.9% | High |
| 4 | Sberbank BO-001P-02 | Bank | 4.1 years | ruAA | 8.0% | High |
| 5 | VTB-02 | Bank | 2.6 years | ruAA | 7.5% | Medium |
| 6 | Gazprom BO-003P-01 | Corporate | 5.0 years | ruAA | 8.2% | Medium |
| 7 | Lukoil BO-004P-01 | Corporate | 3.5 years | ruA | 8.5% | Medium |
| 8 | Norilsk Nickel BO-002P-05 | Corporate | 6.2 years | ruA | 8.0% | Medium |
| 9 | Rosseti BO-001R-03 | Corporate | 3.0 years | ruA | 9.0% | Medium |
| 10 | Tinkoff BO-002P-01 | Bank | 2.0 years | ruBBB | 9.5% | Medium |
| 11 | NLMK BO-001P-04 | Corporate | 2.8 years | ruBBB | 9.8% | Low |
| 12 | Magnit BO-001P-02 | Corporate | 5.5 years | ruBBB | 9.2% | Low |
| 13 | Inter RAO BO-001P-07 | Corporate | 4.2 years | ruBBB | 9.0% | Medium |
| 14 | Rosneft BO-003P-02 | Corporate | 4.8 years | ruA | 8.7% | Low |
| 15 | Alrosa BO-001P-03 | Corporate | 3.3 years | ruBBB | 9.7% | Low |
3. Government OFZs
3.1. Sovereign Rating and Yield
OFZs have a sovereign rating of ruAAA and BB+ (international), confirming their reliability. A floating coupon, dependent on the Central Bank's key rate, with a premium of 1–2 percentage points, ensures a yield of 6.9–7.3%, preserving real savings against inflation.
3.2. Investment Strategies with OFZs
Conservative investors are recommended to hold 50–70% of their portfolio in OFZs. Thanks to the floating coupon and constant demand in the secondary market, they provide reliability and liquidity across various interest rate scenarios.
4. Bank Bonds
4.1. Sberbank and VTB
Sberbank BO-001P-02 and VTB-02 have a rating of ruAA, combining high liquidity with yields of 7.5–8%. Systemically important banks receive state support and remain stable even during crises.
4.2. Tinkoff Bank
Tinkoff BO-002P-01, rated at ruBBB with a yield of 9.5%, strikes a balance between yield and risk. The bank's digital model ensures stable growth in its customer base and cash flow, but the rating reflects competition and industry risks.
5. Blue Chip Corporate Bonds
5.1. Issuers from the Oil and Gas Sector
Gazprom and Lukoil issues (ruAA/ruA, YTM 8–8.5%) remain among the most reliable due to major capital investments and favorable export contracts. The cyclical nature of oil prices is minimized by diversification among multiple issuers.
5.2. Metallurgy and Energy
Norilsk Nickel BO-002P-05 and Rosseti BO-001R-03 (ruA, YTM 8–9%) offer moderate yields with stable cash flows. The metallurgy and energy sectors are sensitive to the economic cycle, so it is advisable to maintain exposure to both areas for diversification.
6. Yield and Risk Ratio
6.1. Net Yield After Taxes
An individual investment account (IIS) can increase OFZ yields to 8.7% due to personal income tax deductions. Corporate bonds, after paying a 13% income tax, yield a net return of 8–9%, although broker fees and spreads may reduce final profits.
6.2. Optimal Portfolio Structure
A recommended allocation is 50% OFZ, 30% high-rated corporate bonds (ruAA–ruA), and 20% ruBBB issues. Such a portfolio maintains a balance between yield and reliability while minimizing risks.
7. Practical Recommendations
7.1. Setting Goals
Clearly define investment horizons, acceptable risks, and desired yields to select a suitable set of securities and rebalancing strategies.
7.2. Diversification
Divide the portfolio between OFZs and corporate bonds from different issuers and maturities to mitigate sectoral and interest rate risks.
7.3. Monitoring and Rebalancing
Review the portfolio every 3–6 months, assessing changes in key rates, credit ratings, and trading volumes. Adjust the shares of instruments based on current macroeconomic conditions.
7.4. Utilizing Analytical Resources
Subscribe to reports from AKRA, Expert RA, analytical overviews from brokers, and rating agencies. Participate in webinars and conferences to access fresh information and make informed investment decisions.
