GTLK BO 002P-08
16.52%
yield to maturity
fair+38 bp
Price
105.67%
1 058 ₽ with accrued interest
Coupon
19.50%
12×/yr
Maturity
18.05.2028
term 1.6 y
Duration
1.4 y
price −1.2% per +1 pp of rate
Premium over OFZ
+215 bp
over OFZ 14.36% at 1.36 yr
Credit risk
AA-(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+252 bp
Roll-down (year)+0.38%
Expected income+16.9%
Safety buffer+1449 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
Low
issuer rating AA- · ACRA
Default probability
≈ 0.07%
per year, by issuer rating
Issuer debt on the exchange
399.1 bn ₽
30 issues, plus 5 in foreign currency
Due within a year
26%
of exchange debt, maturities and puts
Cost of rouble debt
15.20%
market 18.18%
Issuer debt maturities by year
202614.0 bn
2027111.4 bn
2028142.5 bn
202951.5 bn
203065.0 bn
20314.9 bn
20329.9 bn
in roublesin FX, at the Bank of Russia rate
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
16.46%
without the adjustment — 16.52%: expected default losses reduce the yield by 6 bp (1 bp = 0.01 pp)
The probability of default is 0.07% 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 6 bp
Exit cost 2 bp
Risk premium 207 bp
FairValue score
Attractiveness score64/100
How the score is built
Cheap vs norm
68
weight 15%
Cheap vs group
60
weight 15%
Safety buffer
57
weight 25%
Liquidity
73
weight 25%
Credit quality
63
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
16 issues · GTLK.
This bond is
richer than its own curve (yield lower by 187 bp)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
HC Novotrans 001P-06
matures 09.2028 · AA-
18.40%
VimpelKom 001P-04
matures 04.2028 · AA
15.48%
Evropln1P10
matures 09.2028 · AA
15.49%
Positive Group 001P-03
matures 04.2028 · AA
15.42%
NovaBev Group 003P-01
matures 09.2028 · AA-
16.04%
FPC 002P-01
matures 06.2028 · AA+
16.02%
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 1.6 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 (≈ 13.7%). 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
Coupon19.50% a year · 12 payments/yr
Coupon, ₽16.03
Par1 000 ₽
Maturity18.05.2028 · 1.6 y
Issue
Listing level1
Issue size15 bn ₽
Lot1 units
Buying now
Order book105.61 / 105.67%spread 0.06% (≈4 bp of yield)
Cost of entry≈ 28 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽1.06 as of 28.10.2026
Average daily turnover8.3 mn ₽
Trades today445 · turnover 27.5 mn ₽
Yields
Current yield18.45%
Simple yield14.99%
After-tax yield13.71% / 13.28% at 15%
Spreads and valuation
Z-spread over OFZ+206 bp
Spread over swaps (I)+213 bp
Z-spread over swaps+213 bp
Peer assessmentFair +38 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).