Corporate · RU000A10ANT1
RDW TECHNOLOGY 1P1
RU000A10ANT1
32.35%
yield to worst (YTW)
fair+16 bp
Price
97.40%
1 038 ₽ with accrued interest
Coupon
26.00%
4×/yr
Put/call
06.11.2026
2.7 y to maturity
Duration
0.9 y
price −0.7% per +1 pp of rate
Premium over OFZ
+1847 bp
over OFZ 13.88% at 0.88 yr
Credit risk
B+
NCR · 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
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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (08.11.2027) - 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 27.01.2028 have not been announced and are shown at the current rate as a forecast.
A bond or a deposit?
This bond
32.4%
the rate is fixed for 1.0 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 19.3 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 (≈ 26.6%). 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 B+ · NCR
Default probability
≈ 8%
per year, by issuer rating
Issuer debt on the exchange
306.4 mn ₽
2 issues
Due within a year
82%
of exchange debt, maturities and puts
Cost of debt
25.63%
market 39.02%
Risk-adjusted yield
24.71%
without the adjustment — 32.35%: expected default losses reduce the yield by 764 bp (1 bp = 0.01 pp)
The probability of default is 8% 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 764 bp
Exit cost 2 bp
Risk premium 1081 bp
FairValue score
Attractiveness score39/100
How the score is built
Cheap vs norm
no signal
—
weight 15%
Cheap vs group
53
weight 15%
Safety buffer
no signal
—
weight 25%
Liquidity
41
weight 25%
Credit quality
2
weight 20%
Peerssimilar bonds of other issuers
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
Segezha Group 003P-06R
matures 01.2028 · B
28.90%
Segezha Group 003P-08R
matures 06.2028 · B
28.34%
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon26.00% a year · 4 payments/yr
Coupon, ₽64.82
Par1 000 ₽
Maturity26.07.2029 · 2.7 y
Put/call06.11.2026
Issue
Listing level3
Issue size250.0 mn ₽
Lot1 units
Buying now
Order book97.36 / 97.40%spread 0.04% (≈5 bp of yield)
Cost of entry≈ 21 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽64.10 as of 28.10.2026
Average daily turnover1.8 mn ₽
Trades today201 · turnover 1.3 mn ₽
Yields
Current yield26.69%
Simple yield27.48%
Yield to maturity if the 26.00% rate holds30.32%
After-tax yield26.64% / 25.78% at 15%
Spreads and valuation
Z-spread over OFZ+1835 bp
Spread over swaps (I)+1800 bp
Z-spread over swaps+1798 bp
Peer assessmentFair +16 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).