Brusnika 002P-02
22.57%
yield to maturity
cheap versus the group+513 bp
Price
100.13%
502 ₽ with accrued interest
Coupon
21.00%
12×/yr
Maturity
28.03.2027
term 0.4 y
Duration
0.3 y
price −0.2% per +1 pp of rate
Premium over OFZ
+943 bp
over OFZ 13.13% at 0.28 yr
Credit risk
A-(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
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
22.6%
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 9.5 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 (≈ 19.2%). 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 A- · ACRA
Default probability
≈ 0.25%
per year, by issuer rating
Issuer debt on the exchange
31.43 bn ₽
8 issues
Due within a year
23%
of exchange debt, maturities and puts
Cost of debt
20.55%
market 27.83%
Issuer debt maturities by year
20263.4 bn
20273.8 bn
202818.0 bn
20296.2 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
22.35%
without the adjustment — 22.57%: expected default losses reduce the yield by 22 bp (1 bp = 0.01 pp)
The probability of default is 0.25% 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 22 bp
Exit cost 18 bp
Risk premium 903 bp
FairValue score
Attractiveness score55/100
How the score is built
Cheap vs norm
6
weight 15%
Cheap vs group
92
weight 15%
Safety buffer
no signal
—
weight 25%
Liquidity
83
weight 25%
Credit quality
36
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
6 issues · Brusnika.
This bond is
richer than its own curve (yield lower by 719 bp)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
O'KEY LLC BO 001P-08
matures 07.2028 · A-
17.93%
New Technologies 001P-04
matures 02.2027 · A-
18.48%
Element Leasing BO 001P-08
matures 04.2027 · A
17.08%
Seligdar 001P-02
matures 03.2027 · A+
17.57%
INARCTIKA 002P-01
matures 02.2027 · A+
16.56%
AVTOBAN-Finance B0-P04
matures 07.2028 · A+
1.21%
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon21.00% a year · 12 payments/yr
Coupon, ₽8.92
Par500 ₽
Maturity28.03.2027 · 0.4 y
Issue
Listing level2
Issue size3.75 bn ₽
Lot1 units
Buying now
Order book100.14 / 100.24%spread 0.1% (≈36 bp of yield)
Cost of entry≈ 50 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽1.15 as of 28.10.2026
Average daily turnover14.2 mn ₽
Trades today598 · turnover 5.5 mn ₽
Yields
Current yield20.97%
Simple yield14.17%
After-tax yield19.19% / 18.68% at 15%
Spreads and valuation
Z-spread over OFZ+936 bp
Spread over swaps (I)+847 bp
Z-spread over swaps+840 bp
Peer assessmentCheap +513 bp versus the group
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).