23.09%
yield to worst (YTW)
fair-126 bp
Price
102.33%
1 024 ₽ with accrued interest
Coupon
25.25%
12×/yr
Put/call
28.05.2027
2.5 y to maturity
Duration
0.5 y
price −0.4% per +1 pp of rate
Premium over OFZ
+960 bp
over OFZ 13.49% at 0.55 yr
Credit risk
ruBBB-
Expert RA · moderate
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 (28.05.2027) - 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, each bar is a year's total: the coupon is paid 12 times a year, and the bar adds up all of that year's payments. Coupons from 24.06.2027 have not been announced and are shown at the current rate as a forecast.
A bond or a deposit?
This bond
23.1%
the rate is fixed for 0.6 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 10.0 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 (≈ 19.2%). 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
Moderate
issuer rating BBB- · Expert RA
Default probability
≈ 0.90%
per year, by issuer rating
Issuer debt on the exchange
8.38 bn ₽
11 issues
Due within a year
40%
of exchange debt, maturities and puts
Cost of debt
22.19%
market 23.69%
Issuer debt maturities by year
2026185.4 mn
20273.1 bn
20283.8 bn
2029—
20301.3 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
22.30%
without the adjustment — 23.09%: expected default losses reduce the yield by 79 bp (1 bp = 0.01 pp)
The probability of default is 0.90% 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 79 bp
Exit cost 24 bp
Risk premium 857 bp
FairValue score
Attractiveness score38/100
How the score is built
Cheap vs norm
49
weight 15%
Cheap vs group
33
weight 15%
Safety buffer
no signal
—
weight 25%
Liquidity
41
weight 25%
Credit quality
17
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
9 issues · ID Collect.
This bond is
on the issuer's curve (+13 bp)
duration, years →
● this bond · yield, % ↑
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Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon25.25% a year · 12 payments/yr
Coupon, ₽20.75
Par1 000 ₽
Maturity14.05.2029 · 2.5 y
Put/call28.05.2027
Issue
Listing level3
Issue size500.0 mn ₽
Lot1 units
Buying now
Order book102.07 / 102.33%spread 0.26% (≈48 bp of yield)
Cost of entry≈ 127 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽0.6917 as of 28.10.2026
Average daily turnover1.4 mn ₽
Trades today112 · turnover 761.0 k ₽
Yields
Current yield24.68%
Simple yield20.74%
Yield to maturity if the 25.25% rate holds26.85%
After-tax yield19.21% / 18.62% at 15%
Spreads and valuation
Z-spread over OFZ+958 bp
Spread over swaps (I)+880 bp
Z-spread over swaps+880 bp
Peer assessmentFair -126 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).