The third–tier bond market in the context of tight monetary policy

The article discusses the development of the third–tier bond market. The author analyzes the impact of the tightening of the monetary policy of the Bank of Russia in 2024–2025 on the bond market of third–tier issuers. The dynamics of the key rate and related changes in the market are considered, including changes in the volume of borrowings among issuers of different rating categories, the level of default, changes in the structure of bond trading, as well as fluctuations in yields. In addition, the article examines the impact of monetary tightening on bond issuers.