HYDROMASHSERVICE 001P-04
18.56%
yield to worst (YTW)
fair+61 bp
Price
99.90%
1 005 ₽ with accrued interest
Coupon
17.00%
12×/yr
Put/call
16.07.2027
8.7 y to maturity
Duration
0.7 y
price −0.6% per +1 pp of rate
Premium over OFZ
+491 bp
over OFZ 13.65% at 0.67 yr
Credit risk
ruA
Expert RA · 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
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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (16.07.2027) - 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 12.08.2027 have not been announced and are shown at the current rate as a forecast.
A bond or a deposit?
This bond
18.6%
the rate is fixed for 0.7 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 5.5 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 (≈ 15.9%). 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
Low
issuer rating A · Expert RA
Default probability
≈ 0.15%
per year, by issuer rating
Issuer debt on the exchange
23 bn ₽
7 issues
Due within a year
52%
of exchange debt, maturities and puts
Cost of debt
17.17%
market 18.83%
Issuer debt maturities by year
20265.0 bn
20277.0 bn
20287.0 bn
20294.0 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
18.43%
without the adjustment — 18.56%: expected default losses reduce the yield by 13 bp (1 bp = 0.01 pp)
The probability of default is 0.15% 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 13 bp
Exit cost 10 bp
Risk premium 468 bp
FairValue score
Attractiveness score56/100
How the score is built
Cheap vs norm
98
weight 15%
Cheap vs group
53
weight 15%
Safety buffer
no signal
—
weight 25%
Liquidity
48
weight 25%
Credit quality
42
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
3 issues · Hydromashservice.
This bond is
richer than its own curve (yield lower by 70 bp)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
O'KEY LLC BO 001P-06
matures 03.2034 · A-
18.47%
AVTOBAN-Finance B0-P10
matures 09.2033 · A+
19.56%
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon17.00% a year · 12 payments/yr
Coupon, ₽13.97
Par1 000 ₽
Maturity01.07.2035 · 8.7 y
Put/call16.07.2027
Issue
Listing level2
Issue size1 bn ₽
Lot1 units
Buying now
Order book99.75 / 99.89%spread 0.14% (≈21 bp of yield)
Cost of entry≈ 70 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽5.58 as of 28.10.2026
Average daily turnover2.0 mn ₽
Trades today143 · turnover 1.6 mn ₽
Yields
Current yield17.02%
Simple yield17.06%
Yield to maturity if the 17.00% rate holds18.42%
After-tax yield15.86% / 15.45% at 15%
Spreads and valuation
Z-spread over OFZ+488 bp
Spread over swaps (I)+425 bp
Z-spread over swaps+425 bp
Peer assessmentFair +61 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).