Gazprom capital BO-001P-05
15.76%
yield to worst (YTW)
cheap versus the group+111 bp
Price
97.60%
978 ₽ with accrued interest
Coupon
9.80%
4×/yr
Put/call
27.04.2027
1.5 y to maturity
Duration
0.5 y
price −0.4% per +1 pp of rate
Premium over OFZ
+234 bp
over OFZ 13.42% at 0.49 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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If rates change: duration, convexity, stress
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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (27.04.2027) - 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, coupons use the left axis and face value the right one. Coupons from 22.07.2027 have not been announced and are shown at the current rate as a forecast.
A bond or a deposit?
This bond
15.8%
the rate is fixed for 0.5 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 2.7 pp above the deposit rate. The coupon is fixed until the put date, 27.04.2027: 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 (≈ 13.6%). 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
Low
issuer rating AAA · default probability ≈ 0.02%/yr
Altman Z″ 3.86 · Safe
issuer balance sheet · RAS 2025
5.2
21
4.7
23
3.8
24
3.9
25
over 2021-2025 the change is -1.34, no sustained trend
Interest coverage0.2×
Liabilities to equity0.6×
Return on sales2.2%
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
Group, IFRS
| 2025, actual | 2026, forecast | |
|---|---|---|
| Revenue | 9771 | 11042 |
| EBITDA | 2918 | 4196 |
| Net profit | 1074 | 1779 |
| Net debt / EBITDA | — | 1.4× |
RUB bn. The forecast is a FairValue estimate, not the issuer's reporting. Full financials are on the GAZP share page
The issuer's debt outstanding
Circulating2.57 tn ₽of which 1.01 tn ₽ in FX (CHF, CNY, EUR, USD)
Issues37 +20 in FX
Due within a year14%
Cost of rouble debt14.23% market 15.70%
2027
2028
2029
2030
2031
2032
2033
2034
in roublesin FX, at the Bank of Russia rate
From 2037 onwards — another 72.7 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
15.75%
without the adjustment — 15.76%: 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 12 bp
Risk premium 221 bp
FairValue score
Attractiveness score76/100
How the score is built
Cheap vs norm
93
weight 15%
Cheap vs group
82
weight 15%
Safety buffer
no signal
—
weight 25%
Liquidity
71
weight 25%
Credit quality
100
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
3 issues · Gazprom.
This bond is
cheaper than its own curve (yield higher by 65 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
Rosneft 001P-04
matures 04.2027 · AAA
14.39%
RZD BO 001P-24R
matures 04.2027 · AAA
11.82%
Rostelecom 001P-02R
matures 04.2027 · AAA
15.09%
SPFC DOM.RF 13
matures 05.2027 · AAA
12.40%
ROSSETI BO 001P-17R
matures 06.2027 · AAA
14.25%
MTS 001P-28
matures 01.2028 · AAA
15.60%
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon9.80% a year · 4 payments/yr
Coupon, ₽24.43
Par1 000 ₽
Maturity20.04.2028 · 1.5 y
Put/call27.04.2027
Issue
Listing level2
Issue size30 bn ₽
Lot1 units
Buying now
Order book97.60 / 97.72%spread 0.12% (≈24 bp of yield)
Cost of entry≈ 61 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽1.61 as of 28.10.2026
Average daily turnover6.9 mn ₽
Trades today4458 · turnover 52.0 mn ₽
Yields
Current yield10.04%
Simple yield14.97%
Yield to maturity if the 9.80% rate holds12.10%
After-tax yield13.58% / 13.24% at 15%
Spreads and valuation
Z-spread over OFZ+234 bp
Spread over swaps (I)+149 bp
Z-spread over swaps+149 bp
Peer assessmentCheap +111 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).