Investment-grade corporate bonds have emerged as Russia's highest-yielding rouble-denominated asset over the first 11 months of 2025, according to the Central Bank of Russia's November financial markets risk review.

A-rated corporate bonds delivered 34.5% returns between January and November, outperforming other fixed-income securities.

AA-rated bonds returned 29.6%, whilst BBB-rated instruments yielded 24.8% and AAA-rated bonds produced 21.9% over the same period.

Gold and federal loan bonds (OFZ) also posted strong performances at 21.4% and 20.7% respectively.

However, gold has shown the highest total returns since early 2022, delivering 138.7% over that three-year period.

The worst-performing assets included US dollar deposits at -20.9%, substitute bonds at -14.7% and yuan deposits at -14.1%.

Russian equities led gains in November, specifically, with the transport sector rising 9.9%, construction companies advancing 9.2%, and banking and finance shares alongside oil and gas stocks both climbing 7.7%. The broader MOEX index gained 6% during the month.

Despite November's equity rally, retail investors became net sellers of shares on the secondary market for the first time since January, with net sales reaching RUB22.3bn.

Currency-denominated instruments performed poorly in November, with deposits and substitute bonds posting negative returns between -2.4% and -2.8%.

Money market instruments, rouble deposits and money market funds all recorded positive returns during November alongside corporate bonds and OFZs, the central bank reported.