RZhD BO-001P-04R
15.48%
yield to worst (YTW)
fair+35 bp
Price
99.46%
1 028 ₽ with accrued interest
Coupon
14.50%
2×/yr
Put/call
08.02.2028
5.8 y to maturity
Duration
1.2 y
price −1.0% per +1 pp of rate
Premium over OFZ
+129 bp
over OFZ 14.20% at 1.18 yr
Credit risk
AAA(RU)
ACRA · low
Price and premium over OFZhow the bond has traded and how much it pays over OFZ
Bond price, % of par
Incomewhat your investment will earn and when payments arrive
Yield calculator
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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (08.02.2028) - redemption at par on the put date; coupons after the put have not been announced yet. The fair price discounts the cash flows at the yield of a comparable credit class (a reference point).
Expected income and buffer · for the year
Over the key rate+148 bp
Roll-down (year)+0.21%
Expected income+15.69%
Safety buffer+1535 bp
Cash flows
| Date | Coupon, ₽ | Principal, ₽ | Total, ₽ |
|---|
Coupon payments and principal repayment by date for one bond. On the chart, coupons use the left axis and face value the right one. Coupons from 03.08.2028 have not been announced and are shown at the current rate as a forecast.
Issuer credit qualityrating, financials, debt, default-risk adjustment and the FairValue score
Credit risk
Low
issuer rating AAA · default probability ≈ 0.02%/yr
Altman Z″ 1.78 · Grey
issuer balance sheet · RAS 2021 · the data is out of date · not representative for a holding company
Interest coverage1.9×
Liabilities to equity0.5×
Return on sales7.9%
Figures are from the issuer's RAS statements for 2021 - the data is out of date. RAS covers a single legal entity without its subsidiaries. If the issuer is a holding company, the main business is run by subsidiaries, and the group's position is better reflected in consolidated IFRS statements.
Group financials and issuer debt
The issuer's debt outstanding
Circulating1.74 tn ₽of which 56.68 bn ₽ in FX (CHF, CNY)
Issues69 +2 in FX
Due within a year11%
Cost of rouble debt15.05% market 14.97%
2026
2027
2028
2029
2030
2031
2032
2033
in roublesin FX, at the Bank of Russia rate
From 2040 onwards — another 60.2 bn ₽. Issues with a put are assigned to the put date rather than to maturity. All of the issuer's bonds are in the section “Issuer curve”.
Risk-adjusted yield
15.47%
without the adjustment — 15.48%: expected default losses reduce the yield by 1 bp (1 bp = 0.01 pp)
The probability of default is 0.02% a year: the historical average for this rating. In a default, holders recover 30% of face value on average.
What the spread over OFZ is made of
Expected loss 1 bp
Exit cost 17 bp
Risk premium 111 bp
FairValue score
Attractiveness score57/100
How the score is built
Cheap vs norm
55
weight 15%
Cheap vs group
72
weight 15%
Safety buffer
62
weight 25%
Liquidity
8
weight 25%
Credit quality
100
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
29 issues · Russian Railways.
This bond is
richer than its own curve (yield lower by 15 bp)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
MTS BO-02
matures 08.2031 · AAA
15.10%
Rostelecom 001P-28R
matures 06.2031 · AAA
15.35%
Inter.Bank for Econ.Co 002P-01
matures 06.2033 · AAA
15.57%
VEB.RF 18
matures 09.2032 · AAA
13.39%
ALFA-BANK BO-39
matures 03.2033 · AAA
14.81%
FGC ROSSETI BO 001P-06R
matures 08.2032 · AAA
15.76%
History and alternativewhat the bond returned in the past and a comparison with a deposit
A bond or a deposit?
This bond
15.5%
the rate is fixed for 1.3 y
Deposit
13.1%
top-10 banks, decade 2 of October 2026
Liquidity fund
13.6%
floats with the CBR key rate
The yield is 2.4 pp above the deposit rate. The coupon is fixed until the put date, 08.02.2028: if the Bank of Russia cuts the key rate, rates on new deposits and the liquidity fund yield will fall, while the bond's income will stay the same until then.
A pre-tax comparison. Bond coupons are taxed at 13% personal income tax — see the “After-tax yield” row in the bond parameters (≈ 13.0%). Deposit interest is taxed above a tax-free allowance; a liquidity fund qualifies for the long-term holding relief after 3 years.
Issue parametersterms, buying now, yields and spreads
Terms
Coupon14.50% a year · 2 payments/yr
Coupon, ₽72.30
Par1 000 ₽
Maturity29.07.2032 · 5.8 y
Put/call08.02.2028
Issue
Listing level1
Issue size15 bn ₽
Lot1 units
Buying now
Order book99.06 / 99.46%spread 0.4% (≈34 bp of yield)
Cost of entry≈ 201 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽32.97 as of 28.10.2026
Average daily turnover110.7 k ₽
Trades today12 · turnover 149.0 k ₽
Yields
Current yield14.58%
Simple yield14.52%
Yield to maturity if the 14.50% rate holds15.16%
After-tax yield13.02% / 12.65% at 15%
Spreads and valuation
Z-spread over OFZ+123 bp
Spread over swaps (I)+111 bp
Z-spread over swaps+111 bp
Peer assessmentFair +35 bp
MOEX ISS data. Not an individual investment recommendation. Yields, spreads and the fair price are calculated from the exchange quote and are for reference: a real trade goes through at the order book price and depends on the issue's liquidity. The calculations exclude broker and exchange fees; tax is shown on a separate line and simplified (no accrued interest at purchase).