The specifics of issuers’ and investors’ activities in the third-tier bond market

The article examines third–ier listed bonds as an alternative tool for attracting financing for small and medium–sized businesses in conditions of limited access to bank loans. The author analyzes the key characteristics of issuers in this segment, including their industry structure, listing requirements, and government support features. The measures to stimulate the issuance of third–tier bonds, such as subsidizing coupon payments and the participation of development institutions, as well as the scope of such measures, are considered in detail.