Corporate · RU000A106MS8

GazpromKapital 002B-01

RU000A106MS8

Fixed Put 07.28 Perpetual

15.74%

exchange yield (MOEX)

the bond barely trades - the yield may be out of date

Price 82.00% 4 264 470 ₽ with accrued interest

Coupon 12.91% 2×/yr

Put/call 24.07.2028 perpetual

Duration 1.7 y price −0.8% per +1 pp of rate

Daily turnover — no data for 30 days

Credit risk AA+(RU) ACRA · low

Price and yieldhow the bond has traded

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 maturity, %

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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, ₽	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.

Issuer credit qualityrating, financials and the issuer's debt

Credit risk

Low

issuer rating AA+ · default probability ≈ 0.03%/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.

Conclusion: Balance-sheet metrics (Altman Z″) agree with the credit rating.

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

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.

The issuer's debt outstanding

Circulating2.57 tn ₽ 57 issues

Of which in foreign currency1.01 tn ₽ 20 issues · CHF, CNY, EUR, USD

Due within a year14%

Cost of rouble debt14.23% market 15.70%

Issuer debt maturities by year

2027392.9 bn

2028723.7 bn

2029387.9 bn

2030214.1 bn

203158.7 bn

2032—

2033—

203460.3 bn

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.

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Historywhat the bond returned in the past

Issue parametersterms, buying now, yields and spreads

Terms

Coupon12.91% a year · 2 payments/yr

Coupon, ₽321865.75

Par5 000 000 ₽

Maturity—

Put/call24.07.2028

Issue

Listing level3

Issue size120 bn ₽

Lot1 units

Buying now

Order book68.01 / 75.00% no market: the sides are 7.0% of par apart

Accrued interest, ₽164469.86 as of 28.10.2026

Trades today0

Yields

Spreads and valuation

Spreadsnot shown

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).