RZD ZO28-1-P
16.51%
yield to maturity
cheap versus the group+127 bp
Price
89.11%
90 131 ₽ with accrued interest
Coupon
6.60%
2×/yr
Maturity
02.03.2028
term 1.3 y
Duration
1.3 y
price −1.1% per +1 pp of rate
Premium over OFZ
+221 bp
over OFZ 14.30% at 1.29 yr
Credit risk
AAA(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
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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).
Expected income and buffer · for the year
Over the key rate+251 bp
Roll-down (year)+0.32%
Expected income+16.83%
Safety buffer+1516 bp
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.
Issuer credit qualityrating, financials, debt, default-risk adjustment and the FairValue score
Credit risk
Low
issuer rating AAA · default probability ≈ 0.02%/yr
Altman Z″ 1.78 · Grey
issuer balance sheet · RAS 2021 · the data is out of date · not representative for a holding company
Interest coverage1.9×
Liabilities to equity0.5×
Return on sales7.9%
Figures are from the issuer's RAS statements for 2021 - the data is out of date. 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.
Group financials and issuer debt
The issuer's debt outstanding
Circulating1.74 tn ₽of which 56.68 bn ₽ in FX (CHF, CNY)
Issues69 +2 in FX
Due within a year11%
Cost of rouble debt15.05% market 14.97%
2026
2027
2028
2029
2030
2031
2032
2033
in roublesin FX, at the Bank of Russia rate
From 2040 onwards — another 60.2 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
16.50%
without the adjustment — 16.51%: expected default losses reduce the yield by 1 bp (1 bp = 0.01 pp)
The probability of default is 0.02% 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 1 bp
Exit cost 4 bp
Risk premium 216 bp
FairValue score
Attractiveness score61/100
How the score is built
Cheap vs norm
63
weight 15%
Cheap vs group
99
weight 15%
Safety buffer
58
weight 25%
Liquidity
8
weight 25%
Credit quality
100
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
29 issues · Russian Railways.
This bond is
cheaper than its own curve (yield higher by 89 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
Rostelecom 001P-25R
matures 04.2028 · AAA
15.23%
Gazprom capital BO-001P-06
matures 05.2028 · AAA
15.73%
Rosneft 002P-05
matures 02.2028 · AAA
13.86%
Polyus PBO-03
matures 02.2028 · AAA
14.88%
IPJSC YANDEX 001P-02
matures 02.2028 · AAA
15.13%
VEB.RF PBO-001P-26
matures 04.2028 · AAA
15.35%
History and alternativewhat the bond returned in the past and a comparison with a deposit
A bond or a deposit?
This bond
16.5%
the rate is fixed for 1.3 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 3.5 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 (≈ 14.2%). Deposit interest is taxed above a tax-free allowance; a liquidity fund qualifies for the long-term holding relief after 3 years.
Issue parametersterms, buying now, yields and spreads
Terms
Coupon6.60% a year · 2 payments/yr
Coupon, ₽3299.00
Par100 000 ₽
Maturity02.03.2028 · 1.3 y
Issue
Listing level3
Issue size17.35 bn ₽
Lot1 units
Buying now
Order book88.99 / 89.11%spread 0.12% (≈9 bp of yield)
Cost of entry≈ 67 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽1020.68 as of 28.10.2026
Average daily turnover1.4 mn ₽
Trades today8 · turnover 5.0 mn ₽
Yields
Current yield7.40%
Simple yield16.30%
After-tax yield14.24% / 13.88% at 15%
Spreads and valuation
Z-spread over OFZ+218 bp
Spread over swaps (I)+213 bp
Z-spread over swaps+213 bp
Peer assessmentCheap +127 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).