Corporate · RU000A10CL07

Magnit BO-004P-09

RU000A10CL07

Fixed

14.26%

yield to maturity

rich versus the group-181 bp

Price 99.92% 1 002 ₽ with accrued interest

Coupon 13.30% 12×/yr

Maturity 17.08.2027 term 0.8 y

Duration 0.8 y price −0.7% per +1 pp of rate

Premium over OFZ +51 bp over OFZ 13.75% at 0.76 yr

Credit risk AA+(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

Investment amount, ₽ Or quantity, units Broker fee, % Purchase price, % Yield to maturity, % Premium over OFZ, bp

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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

14.3%

the rate is fixed for 0.8 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 1.2 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 (≈ 12.3%). 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, default-risk adjustment and the FairValue score

Credit risk

Low

issuer rating AA+ · default probability ≈ 0.03%/yr

Altman Z″ 3.51 · Safe

issuer balance sheet · RAS 2025

4.0 21 3.5 22 6.8 23 7.5 24 3.5 25

over 2021-2025 the change is -0.44, no sustained trend

Interest coverage0.0×

Liabilities to equity1.8×

Return on sales-212.3%

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	3509	3965
EBITDA	169	337
Net profit	−30.9	−19.5
Net debt / EBITDA	—	3.4×

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

The issuer's debt outstanding

Circulating388.55 bn ₽

Issues9

Due within a year23%

Cost of debt15.23% market 14.63%

2027

2028

2029

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

Risk-adjusted yield

14.23%

without the adjustment — 14.26%: expected default losses reduce the yield by 3 bp (1 bp = 0.01 pp)

The probability of default is 0.03% 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 3 bp Exit cost 10 bp Risk premium 38 bp

FairValue score

Attractiveness score46/100

How the score is built

Cheap vs norm 28 weight 15%

Cheap vs group 1 weight 15%

Safety buffer no signal — weight 25%

Liquidity 59 weight 25%

Credit quality 73 weight 20%

Peerssimilar bonds of other issuers

Similar issues

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

STLC BO 001P-16

matures 02.2028 · AA-

17.79%

Russian Highways BO-004P-09

VTB Leasing 001P-MB-03

matures 08.2028 · AA

16.26%

DeltaLeasing 001P-02

matures 02.2028 · AA-

18.64%

HC Novotrans 001P-03

matures 10.2027 · AA-

17.65%

Compare with another bond

Whether to swap Magnit BO-004P-09 for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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Magnit BO-004P-09 and peers: yield × term

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Historywhat the bond returned in the past

Issue parametersterms, buying now, yields and spreads

Terms

Coupon13.30% a year · 12 payments/yr

Coupon, ₽10.93

Par1 000 ₽

Maturity17.08.2027 · 0.8 y

Issue

Listing level1

Issue size13.9 bn ₽

Lot1 units

Buying now

Order book99.78 / 99.93%spread 0.15% (≈20 bp of yield)

Cost of entry≈ 75 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, ₽2.55 as of 28.10.2026

Average daily turnover3.1 mn ₽

Trades today73 · turnover 618.4 k ₽

Yields

Current yield13.31%

Simple yield13.37%

After-tax yield12.26% / 11.95% at 15%

Spreads and valuation

Z-spread over OFZ+48 bp

Spread over swaps (I)-7 bp

Z-spread over swaps-7 bp

Peer assessmentRich -181 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).