23.55%
yield to maturity
fair-136 bp
Price
98.02%
747 ₽ with accrued interest
Coupon
16.50%
4×/yr
Maturity
24.06.2027
term 0.7 y
Duration
0.4 y
price −0.3% per +1 pp of rate
Premium over OFZ
+1026 bp
over OFZ 13.29% at 0.39 yr
Credit risk
BB
NCR · high
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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Stress on the rate
bp yield
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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.
A bond or a deposit?
This bond
23.6%
the rate is fixed for 0.7 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 10.5 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 (≈ 19.7%). Deposit interest is taxed above a tax-free allowance; a liquidity fund qualifies for the long-term holding relief after 3 years.
Issuer credit qualitycredit risk and the issuer's debt on the exchange
Credit risk
High
issuer rating BB · NCR
Default probability
≈ 3.50%
per year, by issuer rating
Issuer debt on the exchange
348.8 mn ₽
4 issues
Due within a year
57%
of exchange debt, maturities and puts
Cost of debt
16.77%
market 22.67%
Risk-adjusted yield
20.47%
without the adjustment — 23.55%: expected default losses reduce the yield by 308 bp (1 bp = 0.01 pp)
The probability of default is 3.50% 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 308 bp
Exit cost 55 bp
Risk premium 663 bp
FairValue score
Attractiveness score19/100
How the score is built
Cheap vs norm
0
weight 15%
Cheap vs group
21
weight 15%
Safety buffer
no signal
—
weight 25%
Liquidity
8
weight 25%
Credit quality
9
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
4 issues.
This bond is
cheaper than its own curve (yield higher by 58 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
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Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon16.50% a year · 4 payments/yr
Coupon, ₽30.85
Par750 ₽
Maturity24.06.2027 · 0.7 y
Issue
Listing level3
Issue size112.5 mn ₽
Lot1 units
Buying now
Order book97.59 / 98.02%spread 0.43% (≈110 bp of yield)
Cost of entry≈ 220 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽11.52 as of 28.10.2026
Average daily turnover152.7 k ₽
Trades today32 · turnover 138.2 k ₽
Yields
Current yield16.83%
Simple yield13.30%
After-tax yield19.71% / 19.12% at 15%
Spreads and valuation
Z-spread over OFZ+1014 bp
Spread over swaps (I)+936 bp
Z-spread over swaps+932 bp
Peer assessmentFair -136 bp
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).