Corporate · RU000A10CQE2

VTB Leasing 001P-MB-03

RU000A10CQE2 · VTB yield curve

Fixed Amortisation
16.26%
yield to maturity
fair+6 bp
Price 100.30% 676 ₽ with accrued interest
Coupon 15.50% 12×/yr
Maturity 27.08.2028 term 1.8 y
Duration 0.9 y price −0.8% per +1 pp of rate
Premium over OFZ +238 bp over OFZ 13.88% at 0.88 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
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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
DateCoupon, ₽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
16.3%
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 3.2 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 (≈ 13.8%). 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 AA · ACRA
Default probability ≈ 0.04% per year, by issuer rating
Issuer debt on the exchange 23.01 bn ₽ 5 issues
Due within a year 0% of exchange debt, maturities and puts
Cost of debt? 15.40% market 16.38%
Risk-adjusted yield?
16.23%
without the adjustment — 16.26%: expected default losses reduce the yield by 3 bp (1 bp = 0.01 pp)
The probability of default is 0.04% 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 11 bp Risk premium 224 bp
FairValue score
Attractiveness score?50/100
How the score is built?
Cheap vs norm 31 weight 15%
Cheap vs group 52 weight 15%
Safety buffer no signal — weight 25%
Liquidity 43 weight 25%
Credit quality 70 weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve?
5 issues · VTB. This bond is richer than its own curve (yield lower by 50 bp)
16.0 16.4 16.9 0.8 1.4 2.0 VTB Leasing 001P-MB-06 · 1.2 y · 16.77% VTB Leasing 001P-MB-04 · 1.0 y · 16.64% VTB Leasing 001P-MB-05 · 1.1 y · 16.50% VTB Leasing 001P-MB-07 · 1.9 y · 16.11% VTB Leasing 001P-MB-03 (this bond) · 0.9 y · 16.26%
duration, years → ● this bond · yield, % ↑
Compare with another bond
Whether to swap VTB Leasing 001P-MB-03 for another issue - we compare yield (including after tax), credit risk, duration and liquidity
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VTB Leasing 001P-MB-03 and peers: yield × term
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Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon15.50% a year · 12 payments/yr
Coupon, ₽8.51
Par668 ₽
Maturity27.08.2028 · 1.8 y
Issue
Listing level2
Issue size?2 bn ₽
Lot1 units
Buying now
Order book?100.30 / 100.49%spread 0.19% (≈22 bp of yield)
Cost of entry?≈ 95 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽?5.95 as of 28.10.2026
Average daily turnover?1.7 mn ₽
Trades today67 · turnover 489.0 k ₽
Yields
Current yield?15.45%
Simple yield?7.99%
After-tax yield?13.83% / 13.46% at 15%
Spreads and valuation
Z-spread over OFZ?+205 bp
Spread over swaps (I)?+191 bp
Z-spread over swaps?+190 bp
Peer assessment?Fair +6 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).

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