FX / eurobonds · RU000A105A04
METALLOINVEST 028
RU000A105A04
10.45%
yield to maturity
Price
88.00%
881 USD with accrued interest
Coupon
3.38%
2×/yr
Maturity
22.10.2028
term 2.0 y
Duration
1.9 y
price −1.7% per +1 pp of rate
Premium over replacement bonds
+318 bp
replacement sovereigns in USD
Credit risk
AA(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 fair price discounts the cash flows at the yield of a comparable credit class (a reference point).
Cash flows
| Date | Coupon, USD | Principal, USD | Total, USD |
|---|
Coupon payments and principal repayment by date for one bond. On the chart, coupons use the left axis and face value the right one.
Issuer credit qualitycredit risk and the issuer's debt on the exchange
Credit risk
Low
issuer rating AA · ACRA
Default probability
≈ 0.04%
per year, by issuer rating
Issuer debt on the exchange
398.24 bn ₽
10 issues, plus 4 in foreign currency
Due within a year
19%
of exchange debt, maturities and puts
Cost of rouble debt
15.76%
average coupon of the issues
Issuer debt maturities by year
202792.2 bn
2028123.0 bn
202920.0 bn
2030163.1 bn
in roublesin FX, at the Bank of Russia rate
Risk-adjusted yield
10.42%
without the adjustment — 10.45%: expected default losses reduce the yield by 3 bp (1 bp = 0.01 pp)
The probability of default is 0.04% a year: the historical average for this rating. In a default, holders recover 30% of face value on average.
What the spread over replacement bonds is made of
Expected loss 3 bp
Exit cost 10 bp
Risk premium 305 bp
Peerssimilar bonds of other issuers
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
ALFA-BANK ZO-850
matures 04.2030 · AA+
11.54%
GTLK ZO27-D
matures 03.2027 · AA-
11.75%
EvrazHolding Finance 003P-03
matures 03.2027 · AA-
10.50%
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon3.38% a year · 2 payments/yr
Coupon, USD16.88
Par1 000 USD
Maturity22.10.2028 · 2.0 y
Issue
Listing level3
Issue size285.8 mn USD
Lot1 units
Buying now
Order book88.27 / 88.66%spread 0.389% (≈20 bp of yield)
Cost of entry≈ 220 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, USD0.5563 as of 28.10.2026
Average daily turnover12.1 mn ₽
Trades today8 · turnover 7.2 mn ₽
Yields
Current yield3.84%
Simple yield10.69%
Spreads and valuation
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).