MTS 002P-12
15.56%
yield to worst (YTW)
cheap versus the group+47 bp
Price
98.55%
988 ₽ with accrued interest
Coupon
13.25%
12×/yr
Put/call
18.01.2028
3.6 y to maturity
Duration
1.1 y
price −1.0% per +1 pp of rate
Premium over OFZ
+141 bp
over OFZ 14.15% at 1.13 yr
Credit risk
AAA(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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If rates change: duration, convexity, stress
Current yield—
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PVBP, ₽—
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Stress on the rate
bp yield
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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (18.01.2028) - 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).
Expected income and buffer · for the year
Over the key rate+156 bp
Roll-down (year)+0.16%
Expected income+15.72%
Safety buffer+1602 bp
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 12.02.2028 have not been announced and are shown at the current rate as a forecast.
Issuer credit qualityrating, financials, debt, default-risk adjustment and the FairValue score
Credit risk
Low
issuer rating AAA · default probability ≈ 0.02%/yr
Altman Z″ -1.05 · Distress
issuer balance sheet · RAS 2025
-0.2
21
-0.3
22
-0.6
23
-1.2
24
-1.1
25
From 2022 to 2025 the Z″ fell by 0.71 - the accounts are deteriorating before the rating reflects it
Interest coverage0.6×
Liabilities to equity11.1×
Return on sales21.9%
Figures are from the issuer's RAS statements for 2025. RAS covers a single legal entity without its subsidiaries. If the issuer is a holding company, the main business is run by subsidiaries, and the group's position is better reflected in consolidated IFRS statements.
Conclusion: Balance-sheet metrics (Altman Z″) are weaker than the credit rating: the issuer's accounts disagree with the agency's view.
Group financials and issuer debt
Group, IFRS
| 2025, actual | 2026, forecast | |
|---|---|---|
| Revenue | 807 | 872 |
| EBITDA | 280 | 262 |
| Net profit | 38.6 | 77.4 |
| Net debt / EBITDA | — | 2.8× |
RUB bn. The forecast is a FairValue estimate, not the issuer's reporting. Full financials are on the MTSS share page
The issuer's debt outstanding
Circulating786.5 bn ₽
Issues27
Due within a year32%
Cost of debt14.67% market 15.07%
2026
2027
2028
2029
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
15.54%
without the adjustment — 15.56%: expected default losses reduce the yield by 2 bp (1 bp = 0.01 pp)
The probability of default is 0.02% 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 2 bp
Exit cost 3 bp
Risk premium 136 bp
FairValue score
Attractiveness score65/100
How the score is built
Cheap vs norm
29
weight 15%
Cheap vs group
81
weight 15%
Safety buffer
67
weight 25%
Liquidity
48
weight 25%
Credit quality
100
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
7 issues · MTS.
This bond is
on the issuer's curve (+13 bp)
duration, years →
● this bond · yield, % ↑
Similar issues
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15.23%
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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
15.6%
the rate is fixed for 1.2 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 2.5 pp above the deposit rate. The coupon is fixed until the put date, 18.01.2028: 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 until then.
A pre-tax comparison. Bond coupons are taxed at 13% personal income tax — see the “After-tax yield” row in the bond parameters (≈ 13.4%). 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
Coupon13.25% a year · 12 payments/yr
Coupon, ₽10.89
Par1 000 ₽
Maturity01.06.2030 · 3.6 y
Put/call18.01.2028
Issue
Listing level1
Issue size15 bn ₽
Lot1 units
Buying now
Order book98.55 / 98.62%spread 0.07% (≈6 bp of yield)
Cost of entry≈ 36 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽2.90 as of 28.10.2026
Average daily turnover1.7 mn ₽
Trades today90 · turnover 816.8 k ₽
Yields
Current yield13.45%
Simple yield14.60%
Yield to maturity if the 13.25% rate holds14.67%
After-tax yield13.39% / 13.06% at 15%
Spreads and valuation
Z-spread over OFZ+136 bp
Spread over swaps (I)+118 bp
Z-spread over swaps+118 bp
Peer assessmentCheap +47 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).