Etalon-Finans 002P-01
32.50%
yield to worst (YTW)
cheap versus the group+863 bp
Price
90.04%
941 ₽ with accrued interest
Coupon
21.00%
4×/yr
Put/call
19.05.2028
11.3 y to maturity
Duration
1.3 y
price −1.0% per +1 pp of rate
Premium over OFZ
+1819 bp
over OFZ 14.31% at 1.30 yr
Credit risk
ruBBB+
Expert RA · moderate
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 (19.05.2028) - 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+1850 bp
Roll-down (year)+0.31%
Expected income+32.81%
Safety buffer>3000 bp
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 16.08.2028 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
Moderate
issuer rating BBB+ · Expert RA
Default probability
≈ 0.35%
per year, by issuer rating
Issuer debt on the exchange
39.25 bn ₽
5 issues
Due within a year
38%
of exchange debt, maturities and puts
Cost of debt
20.59%
market 30.57%
Issuer debt maturities by year
202724.8 bn
202810.0 bn
20294.5 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
32.18%
without the adjustment — 32.50%: expected default losses reduce the yield by 32 bp (1 bp = 0.01 pp)
The probability of default is 0.35% 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 32 bp
Exit cost 4 bp
Risk premium 1783 bp
FairValue score
Attractiveness score69/100
Stress riskhigh 100/100
yield 32.5% - above the market norm+25
price over the month -9.5%+20
price 90.0% of par - the market prices repayment below par+15
price range over the month 7.5% - unstable quote+15
issuer's balance sheet weakened over the year: Altman Z″ -1.6+15
yield up 935 bp over the month+10
How the score is built
Cheap vs norm
78
weight 15%
Cheap vs group
80
weight 15%
Safety buffer
97
weight 25%
Liquidity
61
weight 25%
Credit quality
29
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
4 issues · Etalon.
This bond is
cheaper than its own curve (yield higher by 204 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
PR-Leasing 003P-02
matures 05.2036 · BBB+
25.29%
History and alternativewhat the bond returned in the past and a comparison with a deposit
A bond or a deposit?
This bond
32.5%
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 19.5 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 (≈ 27.5%). 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
Coupon21.00% a year · 4 payments/yr
Coupon, ₽52.36
Par1 000 ₽
Maturity03.02.2038 · 11.3 y
Put/call19.05.2028
Issue
Listing level2
Issue size10 bn ₽
Lot1 units
Buying now
Order book89.93 / 90.03%spread 0.1% (≈8 bp of yield)
Cost of entry≈ 56 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽40.27 as of 28.10.2026
Average daily turnover6.0 mn ₽
Trades today148 · turnover 1.6 mn ₽
Yields
Current yield23.32%
Simple yield29.12%
Yield to maturity if the 21.00% rate holds25.69%
After-tax yield27.50% / 26.74% at 15%
Spreads and valuation
Z-spread over OFZ+1805 bp
Spread over swaps (I)+1812 bp
Z-spread over swaps+1811 bp
Peer assessmentCheap +863 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).