Corporate · RU000A1082X0

LSR 001P-09

RU000A1082X0 · LSR Group yield curve

Fixed

17.73%

yield to maturity

fair+20 bp

Price 99.42% 1 002 ₽ with accrued interest

Coupon 14.75% 12×/yr

Maturity 07.03.2027 term 0.4 y

Duration 0.3 y price −0.3% per +1 pp of rate

Premium over OFZ +450 bp over OFZ 13.23% at 0.35 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

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

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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

17.7%

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 4.7 pp above the deposit rate. The bond's rate is fixed until maturity: 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.

A pre-tax comparison. Bond coupons are taxed at 13% personal income tax — see the “After-tax yield” row in the bond parameters (≈ 14.9%). Deposit interest is taxed above a tax-free allowance; a liquidity fund qualifies for the long-term holding relief after 3 years.

Issuer credit qualityrating, financials, debt, default-risk adjustment and the FairValue score

Credit risk

Low

issuer rating A · default probability ≈ 0.15%/yr

Altman Z″ 2.79 · Safe

issuer balance sheet · RAS 2025

1.5 21 -0.5 22 4.4 23 4.5 24 2.8 25

From 2023 to 2025 the Z″ fell by 1.56 - the accounts are deteriorating before the rating reflects it

Interest coverage0.6×

Liabilities to equity1.2×

Return on sales75.1%

Figures are from the issuer's RAS statements for 2025. RAS covers a single legal entity without its subsidiaries. If the issuer is a holding company, the main business is run by subsidiaries, and the group's position is better reflected in consolidated IFRS statements.

Conclusion: Balance-sheet metrics (Altman Z″) agree with the credit rating.

Group financials and issuer debt

Group, IFRS

	2025, actual	2026, forecast
Revenue	252	239
EBITDA	68.4	43.1
Net profit	10.8	−42.4
Net debt / EBITDA	—	4.3×

RUB bn. The forecast is a FairValue estimate, not the issuer's reporting. Full financials are on the LSRG share page

The issuer's debt outstanding

Circulating27 bn ₽

Issues5

Due within a year11%

Cost of debt16.10% market 19.68%

2027

2028

2029

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

17.60%

without the adjustment — 17.73%: expected default losses reduce the yield by 13 bp (1 bp = 0.01 pp)

The probability of default is 0.15% 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 13 bp Exit cost 20 bp Risk premium 417 bp

FairValue score

Attractiveness score59/100

How the score is built

Cheap vs norm 93 weight 15%

Cheap vs group 46 weight 15%

Safety buffer no signal — weight 25%

Liquidity 69 weight 25%

Credit quality 42 weight 20%

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

Issuer curve

4 issues · LSR Group. This bond is richer than its own curve (yield lower by 78 bp)

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

Similar issues

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

New technologies BO-03

matures 03.2027 · A-

17.60%

Sistema PJSFC 001P-09

Element Leasing BO 001P-09

matures 07.2027 · A

15.53%

Setl-Grupp BO 002P-03

matures 03.2027 · A-

17.93%

Compare with another bond

Whether to swap LSR 001P-09 for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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LSR 001P-09 and peers: yield × term

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Historywhat the bond returned in the past

Issue parametersterms, buying now, yields and spreads

Terms

Coupon14.75% a year · 12 payments/yr

Coupon, ₽12.12

Par1 000 ₽

Maturity07.03.2027 · 0.4 y

Issue

Listing level1

Issue size3 bn ₽

Lot1 units

Buying now

Order book99.28 / 99.42%spread 0.14% (≈41 bp of yield)

Cost of entry≈ 70 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, ₽8.08 as of 28.10.2026

Average daily turnover5.2 mn ₽

Trades today305 · turnover 4.2 mn ₽

Yields

Current yield14.84%

Simple yield16.34%

After-tax yield14.93% / 14.50% at 15%

Spreads and valuation

Z-spread over OFZ+449 bp

Spread over swaps (I)+358 bp

Z-spread over swaps+357 bp

Peer assessmentFair +20 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).