Corporate · RU000A107UA7

Gazprombank BO 005P-03P

RU000A107UA7 · Gazprombank yield curve

Fixed Put 06.27

16.10%

yield to worst (YTW)

fair+25 bp

Price 99.14% 1 013 ₽ with accrued interest

Coupon 13.70% 4×/yr

Put/call 04.06.2027 7.3 y to maturity

Duration 0.6 y price −0.5% per +1 pp of rate

Premium over OFZ +257 bp over OFZ 13.53% at 0.58 yr

Credit risk AA+(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

Investment amount, ₽ Or quantity, units Broker fee, % Purchase price, % Yield to put, % Premium over OFZ, bp

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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (04.06.2027) - 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, each bar is a year's total: the coupon is paid 4 times a year, and the bar adds up all of that year's payments. Coupons from 31.08.2027 have not been announced and are shown at the current rate as a forecast.

A bond or a deposit?

This bond

16.1%

the rate is fixed for 0.6 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 3.0 pp above the deposit rate. The coupon is fixed until the put date, 04.06.2027: 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 (≈ 13.4%). 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 Low issuer rating AA+ · ACRA

Default probability ≈ 0.03% per year, by issuer rating

Issuer debt on the exchange 434.2 bn ₽ 56 issues, plus 3 in foreign currency

Due within a year 24% of exchange debt, maturities and puts

Cost of rouble debt 14.76% market 15.33%

Issuer debt maturities by year

202617.6 bn

202787.4 bn

202848.1 bn

202934.8 bn

203028.8 bn

203147.6 bn

in roublesin FX, at the Bank of Russia rate

From 2078 onwards — another 150.0 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

16.07%

without the adjustment — 16.10%: expected default losses reduce the yield by 3 bp (1 bp = 0.01 pp)

The probability of default is 0.03% 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 3 bp Exit cost 8 bp Risk premium 246 bp

FairValue score

Attractiveness score59/100

How the score is built

Cheap vs norm 89 weight 15%

Cheap vs group 62 weight 15%

Safety buffer no signal — weight 25%

Liquidity 36 weight 25%

Credit quality 73 weight 20%

Peersthe issuer's other bonds and similar bonds of other issuers

Issuer curve

11 issues · Gazprombank. This bond is on the issuer's curve (+13 bp)

duration, years → ● this bond · yield, % ↑

Similar issues

Other issuers' bonds with a fixed coupon, close in maturity and rating

Russian Post BO-002P-01

matures 05.2032 · AA-

18.87%

STLC BO 001P-18

matures 05.2035 · AA-

17.09%

RESO-LEASING BO-P-22

matures 06.2033 · AA-

matures 03.2034 · AA-

17.43%

STLC BO 001P-08

matures 01.2033 · AA-

18.93%

Compare with another bond

Whether to swap Gazprombank BO 005P-03P for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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Gazprombank BO 005P-03P and peers: yield × term

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Historywhat the bond returned in the past

Issue parametersterms, buying now, yields and spreads

Terms

Coupon13.70% a year · 4 payments/yr

Coupon, ₽34.16

Par1 000 ₽

Maturity21.02.2034 · 7.3 y

Put/call04.06.2027

Issue

Listing level3

Issue size22.21 bn ₽

Lot1 units

Buying now

Order book99.14 / 99.23%spread 0.09% (≈16 bp of yield)

Cost of entry≈ 45 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, ₽21.39 as of 28.10.2026

Average daily turnover1.1 mn ₽

Trades today11 · turnover 1.2 mn ₽

Yields

Current yield13.82%

Simple yield14.94%

Yield to maturity if the 13.70% rate holds14.63%

After-tax yield13.37% / 12.95% at 15%

Spreads and valuation

Z-spread over OFZ+255 bp

Spread over swaps (I)+180 bp

Z-spread over swaps+180 bp

Peer assessmentFair +25 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).