RusHydro BO-002P-07
15.67%
yield to maturity
fair+21 bp
Price
98.77%
996 ₽ with accrued interest
Coupon
13.85%
12×/yr
Maturity
26.07.2028
term 1.7 y
Duration
1.5 y
price −1.3% per +1 pp of rate
Premium over OFZ
+115 bp
over OFZ 14.53% at 1.55 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
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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+167 bp
Roll-down (year)+0.51%
Expected income+16.18%
Safety buffer+1211 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 AAA · ACRA
Default probability
≈ 0.02%
per year, by issuer rating
Issuer debt on the exchange
445.5 bn ₽
14 issues
Due within a year
28%
of exchange debt, maturities and puts
Cost of debt
15.45%
market 15.31%
Group, IFRS
| 2025, actual | 2026, forecast | |
|---|---|---|
| Revenue | 664 | 770 |
| EBITDA | 220 | 260 |
| Net profit | 114 | 150 |
| Net debt / EBITDA | — | 2.8× |
RUB bn. The forecast is a FairValue estimate, not the issuer's reporting. Full financials are on the HYDR share page
Issuer debt maturities by year
202660.5 bn
202765.0 bn
2028155.0 bn
2029150.0 bn
203015.0 bn
All of the issuer's bonds are in the section “Issuer curve”.
Risk-adjusted yield
15.66%
without the adjustment — 15.67%: expected default losses reduce the yield by 1 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 1 bp
Exit cost 3 bp
Risk premium 111 bp
FairValue score
Attractiveness score74/100
How the score is built
Cheap vs norm
81
weight 15%
Cheap vs group
61
weight 15%
Safety buffer
40
weight 25%
Liquidity
89
weight 25%
Credit quality
100
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
3 issues · RusHydro.
This bond is
cheaper than its own curve (yield higher by 52 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
RZD BO 001P-37R
matures 08.2028 · AAA
15.91%
Rostelecom 001P-22R
matures 07.2028 · AAA
15.41%
SBER52
matures 08.2028 · AAA
15.16%
Promsvyazbank 004P-01
matures 09.2028 · AAA
15.53%
IPJSC YANDEX 001P-05
matures 06.2028 · AAA
15.04%
VEB.RF PBO-001P-26
matures 04.2028 · AAA
15.35%
History and alternativewhat the bond returned in the past and a comparison with a deposit
A bond or a deposit?
This bond
15.7%
the rate is fixed for 1.7 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 2.6 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 (≈ 13.4%). 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
Coupon13.85% a year · 12 payments/yr
Coupon, ₽11.38
Par1 000 ₽
Maturity26.07.2028 · 1.7 y
Issue
Listing level2
Issue size50 bn ₽
Lot1 units
Buying now
Order book98.76 / 98.86%spread 0.1% (≈6 bp of yield)
Cost of entry≈ 51 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽8.72 as of 28.10.2026
Average daily turnover26.2 mn ₽
Trades today487 · turnover 135.5 mn ₽
Yields
Current yield14.02%
Simple yield14.60%
After-tax yield13.44% / 13.10% at 15%
Spreads and valuation
Z-spread over OFZ+105 bp
Spread over swaps (I)+128 bp
Z-spread over swaps+127 bp
Peer assessmentFair +21 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).