Corporate · RU000A105GW4

Gazprombank BO 001P-22P

RU000A105GW4 · Gazprombank yield curve

Fixed Put 05.28

14.99%

yield to worst (YTW)

rich versus the group-114 bp

Price 104.13% 1 117 ₽ with accrued interest

Coupon 17.50% 2×/yr

Put/call 29.05.2028 6.1 y to maturity

Duration 1.4 y price −1.2% per +1 pp of rate

Premium over OFZ +63 bp over OFZ 14.36% at 1.36 yr

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

Investment amount, ₽ Or quantity, units Broker fee, % Purchase price, % Yield to put, % Premium over OFZ, bp

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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (29.05.2028) - 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+99 bp

Roll-down (year)+0.38%

Expected income+15.37%

Safety buffer+1301 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 24.11.2028 have not been announced and are shown at the current rate as a forecast.

Issuer credit qualitycredit risk and the issuer's debt on the exchange

Credit risk Low issuer rating AA+ · ACRA

Default probability ≈ 0.03% per year, by issuer rating

Issuer debt on the exchange 434.2 bn ₽ 56 issues, plus 3 in foreign currency

Due within a year 24% of exchange debt, maturities and puts

Cost of rouble debt 14.76% market 15.33%

Issuer debt maturities by year

202617.6 bn

202787.4 bn

202848.1 bn

202934.8 bn

203028.8 bn

203147.6 bn

in roublesin FX, at the Bank of Russia rate

From 2078 onwards — another 150.0 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

14.97%

without the adjustment — 14.99%: expected default losses reduce the yield by 2 bp (1 bp = 0.01 pp)

The probability of default is 0.03% 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 2 bp Exit cost 4 bp Risk premium 57 bp

FairValue score

Attractiveness score42/100

How the score is built

Cheap vs norm 13 weight 15%

Cheap vs group 4 weight 15%

Safety buffer 45 weight 25%

Liquidity 55 weight 25%

Credit quality 73 weight 20%

Peersthe issuer's other bonds and similar bonds of other issuers

Issuer curve

12 issues · Gazprombank. This bond is richer than its own curve (yield lower by 96 bp)

duration, years → ● this bond · yield, % ↑

Similar issues

Other issuers' bonds with a fixed coupon, close in maturity and rating

GTLK BO-001P-04

matures 04.2032 · AA-

18.14%

Russian Post BO-002P-03

matures 06.2032 · AA-

matures 06.2034 · AA-

15.30%

ZSD AO 03

matures 02.2032 · AA+

3.05%

Russian Post BO-002P-02

matures 06.2032 · AA-

17.83%

Compare with another bond

Whether to swap Gazprombank BO 001P-22P for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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Gazprombank BO 001P-22P and peers: yield × term

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History and alternativewhat the bond returned in the past and a comparison with a deposit

A bond or a deposit?

This bond

15.0%

the rate is fixed for 1.6 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 1.9 pp above the deposit rate. The coupon is fixed until the put date, 29.05.2028: 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 (≈ 11.9%). 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

Coupon17.50% a year · 2 payments/yr

Coupon, ₽88.22

Par1 000 ₽

Maturity24.11.2032 · 6.1 y

Put/call29.05.2028

Issue

Listing level1

Issue size20 bn ₽

Lot1 units

Buying now

Order book104.03 / 104.13%spread 0.1% (≈7 bp of yield)

Cost of entry≈ 48 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, ₽75.27 as of 28.10.2026

Average daily turnover11.2 mn ₽

Trades today31 · turnover 293.3 k ₽

Yields

Current yield16.81%

Simple yield13.34%

Yield to maturity if the 17.50% rate holds17.06%

After-tax yield11.93% / 11.46% at 15%

Spreads and valuation

Z-spread over OFZ+50 bp

Spread over swaps (I)+61 bp

Z-spread over swaps+60 bp

Peer assessmentRich -114 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).