The Russian debt market is experiencing a period of heightened turbulence. In just one working week, from July 13 to 17, 2026, an unprecedented number of obligation breaches were recorded in the country — 20 default cases. According to data from the analytical agency Cbonds, the main blow was dealt to companies that had previously shown signs of financial instability, however, two new organizations appeared on the list of "delays" for the first time.

Who failed to pay debts: analysis of key cases

Statistics on market operational activity point to systemic reasons for payment failures. Issuers are facing a shortage of net working capital, delays in payments from counterparties, and the blocking of settlement accounts by bailiffs. Among the most notable participants in the crisis are the following companies:

  • LLC TK "Naftatrans Plus": On July 13, the company engaged in wholesale fuel trade recorded technical defaults on two bond series (BO-06 and BO-05). The cause was a lack of funds.
  • LLC "Monopoly": The issuer committed a technical breach on one issue and an actual default on another. The volume of unfulfilled obligations for series 001P-01 amounted to 4.33 million rubles.
  • LLC "Sobi-Leasing": The leasing company failed to fulfill obligations regarding coupons and partial redemption of the nominal value. The delay was caused by cash flow gaps due to buyers delaying payments.
  • JSC FPK "Garant-Invest" and LLC "SibAutoTrans": These companies committed a series of technical violations related to the submission of card files for collection orders.

However, not all news was negative. A precedent of successful situation resolution was also recorded. JSC "EuroTrans" fully fulfilled its obligations for the 15th coupon of series BO-001R-07 in the amount of 86.6 million rubles by July 17, thereby avoiding a transition to the status of a full default.

Macroeconomic context and systemic risks

Despite the sharp weekly increase in violations, leading rating agencies (ACRA, "Expert RA") assess the aggregate level of default as moderate. Nevertheless, the dynamics are growing: by the end of the first half of 2026, the number of issuers committing a default for the first time rose to 13 companies (for comparison, a year earlier this figure was 8).

The key factor of pressure on borrowers remains the high cost of refinancing. Strict parameters of the regulator's monetary policy make debt servicing extremely expensive. The segment of small and medium-sized enterprises (SMEs) is subject to the greatest concentration of risks, especially in the fields of construction, leasing, and wholesale trade. These companies are characterized by a low interest coverage ratio of current operating profit.

Market parameters for July 2026

The total volume of the Russian bond market continues to grow, reaching 69.2 trillion rubles (+9% compared to the beginning of the year). At the same time, the share of default issuers from the total list is about 1.4%, and the share of default public debt in the total market volume does not exceed 0.1%.

According to the methodology, the status of a technical default gives the issuer a regulated period — usually 10 working days — to eliminate violations. If payments are not made within this period, the technical default becomes an actual one. This grants bondholders the legal right to demand early redemption of the nominal value of the securities, including through the courts.