The article is devoted to the impact of a high key rate on the bond market. An analysis of the parameters of bonds issued in 2024–2025 allows us to identify the following models of economic behavior of bond issuers during the period of a high key rate: 1) cautious economic behavior; 2) bold economic behavior. Depending on the number of high-risk securities in the investment portfolio, investors are divided into aggressive, moderate and conservative. The methodological basis of the study includes, in particular, such general scientific methods of cognition as analysis, synthesis, deduction, induction, generalization, the method of financial analysis and forecasting. The topic of the research is of great importance for the Russian economy, since during the period of a high key rate, the economic behavior of bond issuers and bondholders changes significantly. The relevance of the topic of the research is also due to the fact that despite the regulatory attempt made in order to take into account all types of high-risk bonds when introducing the requirement to conduct testing for unqualified investors for the purchase of such financial instruments, there are still bonds that can be purchased without testing and contain «hidden» economic risks that are realized during economic crises. Economic crises in 2014–2016, in 2022, in mid-2023–2025 led to a sharp increase in the key rate, which seriously affected the cost of bonds and their interest rates, that is, during these periods, the risk of loss of bond liquidity was realized. The article substantiates the need to establish successful testing as a condition for obtaining the right to buy bonds issued for a term of more than three years (including those with a credit rating of at least A+) and for obtaining the right to buy bonds with a variable coupon.
Е. Е. Lekanova (2026) studied this question.