MFC Bistrodengi 002P-03
23.03%
yield to maturity
fair-171 bp
Price
98.42%
788 ₽ with accrued interest
Coupon
15.00%
12×/yr
Maturity
24.03.2027
term 0.4 y
Duration
0.3 y
price −0.2% per +1 pp of rate
Premium over OFZ
+991 bp
over OFZ 13.12% at 0.27 yr
Credit risk
ruBB
Expert RA · 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
Bonds for the amount—
Purchase price per unit (with accrued interest)—
Investment amount—
Fee—
Coupon income to maturity—
Principal repayment—
Total profit—
Fair price
—
—
—
—
If rates change: duration, convexity, stress
Current yield—
Duration (Macaulay)—
Modified duration—
Convexity—
PVBP, ₽—
Price at ±1 pp—
Stress on the rate
bp yield
Price, %—
Change—
Position P&L—
—
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
23.0%
the rate is fixed for 0.4 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 10.0 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 · Expert RA
Default probability
≈ 3.50%
per year, by issuer rating
Issuer debt on the exchange
3.05 bn ₽
10 issues
Due within a year
57%
of exchange debt, maturities and puts
Cost of debt
21.23%
market 23.68%
The issuer has had a technical default - a payment was late and was made afterwards. MOEX applies this flag to every issue of such an issuer, so it refers to its payment discipline rather than to this particular bond. Formally the issue is outstanding; look at the issuer's overall debt burden.
Issuer debt maturities by year
2026120.0 mn
20271.6 bn
2028124.6 mn
2029400.0 mn
2030800.0 mn
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
20.00%
without the adjustment — 23.03%: expected default losses reduce the yield by 303 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 303 bp
Exit cost 57 bp
Risk premium 631 bp
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
6 issues.
This bond is
on the issuer's curve (-10 bp)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
MFC WEBBANKER 06
matures 09.2027 · BB
23.12%
Ideco BO-01
matures 08.2028 · BB-
24.80%
Patriot Group 001P-01
matures 02.2028 · BB+
32.05%
MSBLis3P07
matures 02.2029 · BB+
28.21%
SibKHP 1P2
matures 01.2028 · BB
35.69%
AUTOASSISTANS 001P-01
matures 03.2029 · BB+
27.20%
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon15.00% a year · 12 payments/yr
Coupon, ₽9.86
Par800 ₽
Maturity24.03.2027 · 0.4 y
Issue
Listing level3
Issue size266.7 mn ₽
Lot1 units
Buying now
Order book98.18 / 98.49%spread 0.31% (≈114 bp of yield)
Cost of entry≈ 158 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽0.986 as of 28.10.2026
Average daily turnover457.8 k ₽
Trades today47 · turnover 395.7 k ₽
Yields
Current yield15.24%
Simple yield14.54%
After-tax yield19.74% / 19.24% at 15%
Spreads and valuation
Z-spread over OFZ+982 bp
Spread over swaps (I)+894 bp
Z-spread over swaps+888 bp
Peer assessmentFair -171 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).