Corporate · RU000A10CKY3

LSR 001P-11

RU000A10CKY3

Fixed Amortisation

19.06%

yield to maturity

Price 98.15% 985 ₽ with accrued interest

Coupon 16.00% 12×/yr

Maturity 11.08.2028 term 1.8 y

Duration 1.2 y price −1.0% per +1 pp of rate

Daily turnover 11.1 mn ₽ 30-day average

Credit risk ruA Expert RA · low

Price and yieldhow the bond has traded

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 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, coupons use the left axis and face value the right one.

A bond or a deposit?

This bond

19.1%

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 6.0 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 (≈ 16.4%). Deposit interest is taxed above a tax-free allowance; a liquidity fund qualifies for the long-term holding relief after 3 years.

Issuer credit qualityrating, financials, debt and default-risk adjustment

Credit risk

Low

issuer rating A · default probability ≈ 0.15%/yr

Altman Z″ 2.79 · Safe

issuer balance sheet · RAS 2025

1.5 21 -0.5 22 4.4 23 4.5 24 2.8 25

From 2023 to 2025 the Z″ fell by 1.56 - the accounts are deteriorating before the rating reflects it

Interest coverage0.6×

Liabilities to equity1.2×

Return on sales75.1%

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″) agree with the credit rating.

Group financials and issuer debt

Group, IFRS

	2025, actual	2026, forecast
Revenue	252	239
EBITDA	68.4	43.1
Net profit	10.8	−42.4
Net debt / EBITDA	—	4.3×

RUB bn. The forecast is a FairValue estimate, not the issuer's reporting. Full financials are on the LSRG share page

The issuer's debt outstanding

Circulating27 bn ₽

Issues5

Due within a year11%

Cost of debt16.10% market 19.68%

2027

2028

2029

Issues with a put are assigned to the put date rather than to maturity.

Risk-adjusted yield

18.93%

without the adjustment — 19.06%: 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.

Peerssimilar bonds of other issuers

Similar issues

Other issuers' bonds with a fixed coupon, close in maturity and rating

R-Vision 001P-02

matures 03.2028 · A+

17.70%

ER-Telekom Holding PBO-02-09

matures 02.2028 · A-

16.65%

Binnopharm Group 001P-05

Setl-Grupp BO 002P-07

Compare with another bond

Whether to swap LSR 001P-11 for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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LSR 001P-11 and peers: yield × term

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Historywhat the bond returned in the past

Issue parametersterms, buying now, yields and spreads

Terms

Coupon16.00% a year · 12 payments/yr

Coupon, ₽13.15

Par1 000 ₽

Maturity11.08.2028 · 1.8 y

Issue

Listing level1

Issue size5 bn ₽

Lot1 units

Buying now

Order book98.11 / 98.15%spread 0.04% (≈3 bp of yield)

Cost of entry≈ 20 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, ₽3.06 as of 28.10.2026

Trades today458 · turnover 37.5 mn ₽

Yields

Current yield16.30%

Simple yield13.27%

After-tax yield16.40% / 15.99% at 15%

Spreads and valuation

Spreadsnot shown

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).