FX / eurobonds · RU000A107738

TBank TCS-perp1

RU000A107738

Floater Subordinated Put 09.27 Perpetual

18.70%

yield under the scenario (implied)

Price 95.66% 971 USD with accrued interest

Coupon 12.12% 5-year US Treasury yield

Put/call 15.09.2027 perpetual

Duration 1.0 y coupon tracks the rate

Daily turnover 7.1 mn ₽ 30-day average

Credit risk BBB(RU) ACRA · moderate

Price and spread over the ratehow the bond traded and how much it pays over the base rate

Bond price, % of par

Incomewhat your investment will earn and when payments arrive

Yield calculator

Investment amount, USD Or quantity, units Broker fee, % Purchase price, % Yield (YTM), % Discount margin, bp

Bonds for the amount—

Purchase price per unit (with accrued interest)—

Investment amount—

Fee—

Coupon income to maturity—

Principal repayment—

Total profit—

If the margin changes: price sensitivity and stress

Price at ±1 pp of margin—

Stress on margin

bp of margin

Price, %—

Change—

Position P&L—

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Effective YTM under the MOEX convention (ACT/365). The floater's coupons are projected under the "implied" scenario - the yield is indicative.

Floating coupon

Coupon base5-year US Treasury yield

The issuer sets the coupon rate before each period; it is not tied to the key rate or RUONIA. That is why the premium over the base and the discount margin are not calculated for this issue: there is nothing to compare with. Only the current period's rate is known - it is shown below, and the yield to maturity depends on what rates the issuer sets next.

Current coupon rate12.12%

Upcoming coupon · 15.12.202630.31 USD (12.12%)

How the coupon is calculated. A floating coupon based on “5-year US Treasury yield”. Reset quarterly. We have no level for this rate: later coupons and yield to maturity assume the current coupon rate stays.

Coupon scenario Flat · Implied

Issuer credit qualitycredit risk and the issuer's debt on the exchange

Credit risk

Moderate

issuer rating BBB · ACRA

Default probability≈ 0.50% a year

Issuer debt on the exchange55.02 bn ₽ 6 issues

Of which in foreign currency35.02 bn ₽ 2 issues · USD

Due within a year27%

Cost of rouble debt15.00%

Issuer debt maturities by year

202610.0 bn

20275.0 bn

2028—

2029—

2030—

2031—

2032—

20335.0 bn

in roublesin FX, at the Bank of Russia rate

Peerssimilar bonds of other issuers

Compare with another bond

Whether to swap TBank TCS-perp1 for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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TBank TCS-perp1 and peers: yield × term

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Historywhat the bond returned in the past

Issue parametersterms, buying now, yields and spreads

Terms

Coupon12.12% a year · 5-year US Treasury yield · 4 payments/yr

Coupon, USD30.31

Par1 000 USD

Maturity—

Put/call15.09.2027

Issue

Listing level3

Issue size146.2 mn USD

Lot1 units

Buying now

Order book95.72 / 97.10%spread 1.377% (≈139 bp of yield)

Cost of entry≈ 714 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, USD14.32 as of 28.10.2026

Trades today29 · turnover 3.9 mn ₽

Yields

Spreads and valuation

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).