15.82%
yield to worst (YTW)
fair+35 bp
Price
99.80%
1 006 ₽ with accrued interest
Coupon
14.65%
12×/yr
Put/call
02.08.2028
8.7 y to maturity
Duration
1.6 y
price −1.3% per +1 pp of rate
Premium over OFZ
+129 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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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (02.08.2028) - 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+182 bp
Roll-down (year)+0.52%
Expected income+16.34%
Safety buffer+1218 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 28.08.2028 have not been announced and are shown at the current rate as a forecast.
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
30.2 bn ₽
6 issues
Due within a year
41%
of exchange debt, maturities and puts
Cost of debt
15.67%
market 15.58%
Issuer debt maturities by year
20265.5 bn
202712.0 bn
202812.7 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
15.81%
without the adjustment — 15.82%: 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 2 bp
Risk premium 126 bp
FairValue score
Attractiveness score62/100
How the score is built
Cheap vs norm
10
weight 15%
Cheap vs group
73
weight 15%
Safety buffer
41
weight 25%
Liquidity
79
weight 25%
Credit quality
100
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
4 issues · IBEC.
This bond is
on the issuer's curve (-9 bp)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
X5 FINANCE 003P-18
matures 03.2036 · AAA
15.44%
RZhD BO-001P-03R
matures 04.2037 · AAA
16.18%
MTS 2R-18
matures 02.2036 · AAA
15.44%
Gazprombank BO 003P-01P
matures 09.2033 · AAA
15.93%
FGC ROSSETI BO 001P-04R
matures 01.2035 · AAA
16.45%
SPE MOS SME 6 02
matures 10.2033 · AAA
16.14%
History and alternativewhat the bond returned in the past and a comparison with a deposit
A bond or a deposit?
This bond
15.8%
the rate is fixed for 1.8 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 2.8 pp above the deposit rate. The coupon is fixed until the put date, 02.08.2028: 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 (≈ 13.6%). 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
Coupon14.65% a year · 12 payments/yr
Coupon, ₽12.04
Par1 000 ₽
Maturity23.06.2035 · 8.7 y
Put/call02.08.2028
Issue
Listing level3
Issue size6 bn ₽
Lot1 units
Buying now
Order book99.75 / 99.80%spread 0.05% (≈3 bp of yield)
Cost of entry≈ 25 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽8.02 as of 28.10.2026
Average daily turnover9.7 mn ₽
Trades today41 · turnover 5.5 mn ₽
Yields
Current yield14.68%
Simple yield14.67%
Yield to maturity if the 14.65% rate holds15.72%
After-tax yield13.57% / 13.23% at 15%
Spreads and valuation
Z-spread over OFZ+119 bp
Spread over swaps (I)+142 bp
Z-spread over swaps+142 bp
Peer assessmentFair +35 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).