32.05%
yield to maturity
cheap versus the group+473 bp
Price
98.76%
1 005 ₽ with accrued interest
Coupon
27.00%
12×/yr
Maturity
26.02.2028
term 1.3 y
Duration
1.1 y
price −0.8% per +1 pp of rate
Premium over OFZ
+1792 bp
over OFZ 14.13% at 1.11 yr
Credit risk
BB+
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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If rates change: duration, convexity, stress
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Stress on the rate
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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+1805 bp
Roll-down (year)+0.13%
Expected income+32.18%
Safety buffer>3000 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 qualitycredit risk and the issuer's debt on the exchange
Credit risk
High
issuer rating BB+ · NCR
Default probability
≈ 2%
per year, by issuer rating
Issuer debt on the exchange
720.7 mn ₽
3 issues
Due within a year
0%
of exchange debt, maturities and puts
Cost of debt
24.42%
market 34.20%
Risk-adjusted yield
30.18%
without the adjustment — 32.05%: expected default losses reduce the yield by 187 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 187 bp
Exit cost 10 bp
Risk premium 1595 bp
FairValue score
Attractiveness score55/100
How the score is built
Cheap vs norm
75
weight 15%
Cheap vs group
71
weight 15%
Safety buffer
98
weight 25%
Liquidity
25
weight 25%
Credit quality
13
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
3 issues.
This bond is
cheaper than its own curve (yield higher by 2796 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
Similar issues
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matures 08.2028 · BB-
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matures 01.2030 · BB+
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History and alternativewhat the bond returned in the past and a comparison with a deposit
A bond or a deposit?
This bond
32.1%
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 19.0 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 (≈ 27.2%). 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
Coupon27.00% a year · 12 payments/yr
Coupon, ₽22.19
Par1 000 ₽
Maturity26.02.2028 · 1.3 y
Issue
Listing level3
Issue size300.0 mn ₽
Lot1 units
Buying now
Order book98.55 / 98.76%spread 0.21% (≈19 bp of yield)
Cost of entry≈ 106 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽17.75 as of 28.10.2026
Average daily turnover668.7 k ₽
Trades today97 · turnover 260.4 k ₽
Yields
Current yield27.34%
Simple yield27.78%
After-tax yield27.17% / 26.44% at 15%
Spreads and valuation
Z-spread over OFZ+1780 bp
Spread over swaps (I)+1767 bp
Z-spread over swaps+1767 bp
Peer assessmentCheap +473 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).