Corporate · RU000A108BX7

Tatneftekhim 001-P-02

RU000A108BX7

Fixed Amortisation Put 04.27

19.15%

yield to worst (YTW)

rich versus the group-583 bp

Price 101.18% 1 021 ₽ with accrued interest

Coupon 20.50% 6×/yr

Put/call 14.04.2027 2.4 y to maturity

Duration 0.4 y price −0.4% per +1 pp of rate

Premium over OFZ +579 bp over OFZ 13.36% at 0.44 yr

Credit risk BB+ ACRA · high

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 (14.04.2027) - 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, coupons use the left axis and face value the right one. Coupons from 09.06.2027 have not been announced and are shown at the current rate as a forecast.

A bond or a deposit?

This bond

19.2%

the rate is fixed for 0.5 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 6.1 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 (≈ 15.8%). 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 High issuer rating BB+ · ACRA

Default probability ≈ 2% per year, by issuer rating

Issuer debt on the exchange 600.0 mn ₽ 2 issues

Due within a year 100% of exchange debt, maturities and puts

Cost of debt 20.50% market 20.75%

Risk-adjusted yield

17.45%

without the adjustment — 19.15%: expected default losses reduce the yield by 170 bp (1 bp = 0.01 pp)

The probability of default is 2% 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 170 bp Exit cost 27 bp Risk premium 382 bp

FairValue score

Attractiveness score26/100

How the score is built

Cheap vs norm 23 weight 15%

Cheap vs group 4 weight 15%

Safety buffer no signal — weight 25%

Liquidity 29 weight 25%

Credit quality 13 weight 20%

Peerssimilar bonds of other issuers

Similar issues

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

Ideco BO-01

matures 08.2028 · BB-

matures 08.2029 · BB+

28.64%

Patriot Group 001P-01

matures 02.2028 · BB+

AUTOASSISTANS 001P-01

matures 03.2029 · BB+

27.20%

Compare with another bond

Whether to swap Tatneftekhim 001-P-02 for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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Tatneftekhim 001-P-02 and peers: yield × term

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Historywhat the bond returned in the past

Issue parametersterms, buying now, yields and spreads

Terms

Coupon20.50% a year · 6 payments/yr

Coupon, ₽33.70

Par1 000 ₽

Maturity30.03.2029 · 2.4 y

Put/call14.04.2027

Issue

Listing level3

Issue size300.0 mn ₽

Lot1 units

Buying now

Order book100.94 / 101.18%spread 0.24% (≈54 bp of yield)

Cost of entry≈ 119 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, ₽8.98 as of 28.10.2026

Average daily turnover682.3 k ₽

Trades today38 · turnover 269.7 k ₽

Yields

Current yield20.26%

Simple yield17.57%

Yield to maturity if the 20.50% rate holds21.58%

After-tax yield15.83% / 15.33% at 15%

Spreads and valuation

Z-spread over OFZ+578 bp

Spread over swaps (I)+492 bp

Z-spread over swaps+491 bp

Peer assessmentRich -583 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).