Segezha Group 002P-04R
35.86%
yield to worst (YTW)
cheap versus the group+404 bp
Price
88.77%
905 ₽ with accrued interest
Coupon
9.85%
4×/yr
Put/call
27.05.2027
10.5 y to maturity
Duration
0.6 y
price −0.4% per +1 pp of rate
Premium over OFZ
+2235 bp
over OFZ 13.51% at 0.56 yr
Credit risk
ruB
Expert RA · high
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
Bonds for the amount—
Purchase price per unit (with accrued interest)—
Investment amount—
Fee—
Coupon income to the put—
Principal repayment (put)—
Total profit—
Fair price
—
—
—
—
If rates change: duration, convexity, stress
Current yield—
Duration (Macaulay)—
Modified duration—
Convexity—
PVBP, ₽—
Price at ±1 pp—
Stress on the rate
bp yield
Price, %—
Change—
Position P&L—
—
Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (27.05.2027) - 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).
Cash flows
| Date | Coupon, ₽ | Principal, ₽ | Total, ₽ |
|---|
Coupon payments and principal repayment by date for one bond. On the chart, each bar is a year's total: the coupon is paid 4 times a year, and the bar adds up all of that year's payments. Coupons from 23.08.2027 have not been announced and are shown at the current rate as a forecast.
A bond or a deposit?
This bond
35.9%
the rate is fixed for 0.6 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 22.8 pp above the deposit rate, and that difference is payment for the issuer's credit risk: a deposit is insured by the DIA (up to 1.4m ₽), a liquidity fund invests in short risk-free instruments, and a bond can default. The issue's credit assessment is in the credit risk traffic light above.
A pre-tax comparison. Bond coupons are taxed at 13% personal income tax — see the “After-tax yield” row in the bond parameters (≈ 30.3%). Deposit interest is taxed above a tax-free allowance; a liquidity fund qualifies for the long-term holding relief after 3 years.
Issuer credit qualityrating, financials, debt, default-risk adjustment and the FairValue score
Credit risk
High
issuer rating B · default probability ≈ 11%/yr
Altman Z″ -4.37 · Distress
issuer balance sheet · RAS 2025
2.4
21
2.1
22
0.0
23
0.2
24
-4.4
25
From 2021 to 2025 the Z″ fell by 6.79 - the accounts are deteriorating before the rating reflects it
Interest coverage0.0×
Liabilities to equity1.0×
Return on sales24.3%
Figures are from the issuer's RAS statements for 2025. 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.
Conclusion: Balance-sheet metrics (Altman Z″) agree with the credit rating.
Group financials and issuer debt
The issuer's debt outstanding
Circulating98.9 bn ₽of which 14.13 bn ₽ in FX (CNY)
Issues12 +3 in FX
Due within a year79%
Cost of rouble debt18.11% market 35.04%
2026
2027
2028
2029
in roublesin FX, at the Bank of Russia rate
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
25.32%
without the adjustment — 35.86%: expected default losses reduce the yield by 1054 bp (1 bp = 0.01 pp)
The probability of default is 11% 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 1054 bp
Exit cost 56 bp
Risk premium 1125 bp
FairValue score
Attractiveness score39/100
Stress riskelevated 70/100
yield 35.9% - above the market norm+25
price 88.8% of par - the market prices repayment below par+15
price range over the month 6.4% - unstable quote+15
issuer's balance sheet weakened over the year: Altman Z″ -4.5+15
How the score is built
Cheap vs norm
68
weight 15%
Cheap vs group
99
weight 15%
Safety buffer
no signal
—
weight 25%
Liquidity
4
weight 25%
Credit quality
2
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
8 issues · Segezha.
This bond is
cheaper than its own curve (yield higher by 685 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
Segezha Group 004P-01R0.2 y21.56%
Segezha Group 003P-02R0.5 y32.94%
Segezha Group 002P-04R0.6 y35.86%
Segezha Group 002P-03R0.7 y35.33%
Segezha Group 003P-06R1.1 y28.90%
Segezha Group 002P-05R1.1 y30.95%
Segezha Group 003P-08R1.3 y28.34%
Segezha Group 003P-10R1.5 y28.07%
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon9.85% a year · 4 payments/yr
Coupon, ₽24.56
Par1 000 ₽
Maturity11.05.2037 · 10.5 y
Put/call27.05.2027
Issue
Listing level3
Issue size8.2 bn ₽
Lot1 units
Buying now
Order book88.15 / 88.77%spread 0.62% (≈111 bp of yield)
Cost of entry≈ 350 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽17.54 as of 28.10.2026
Average daily turnover96.7 k ₽
Trades today8 · turnover 15.1 k ₽
Yields
Current yield11.10%
Simple yield32.34%
Yield to maturity if the 9.85% rate holds12.24%
After-tax yield30.28% / 29.44% at 15%
Spreads and valuation
Z-spread over OFZ+2234 bp
Spread over swaps (I)+2157 bp
Z-spread over swaps+2157 bp
Peer assessmentCheap +404 bp versus the group
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).