SFO VTB RKS Etalon 07
15.29%
at the current rate of 17.80% a year; coupons from 05.12.2027 have not been announced
yield to maturity
Price
101.76%
490 ₽ with accrued interest
Coupon
17.80%
12×/yr
Maturity
05.12.2032
term 6.1 y
Duration
0.5 y
price −0.5% per +1 pp of rate
Premium over OFZ
+181 bp
over OFZ 13.48% at 0.54 yr
Credit risk
ruAAA.sf
Expert RA · 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
Bonds for the amount—
Purchase price per unit (with accrued interest)—
Investment amount—
Fee—
Coupon income to maturity—
Principal repayment—
Total profit—
Fair price
—
—
—
—
If rates change: duration, convexity, stress
Current yield—
Duration (Macaulay)—
Modified duration—
Convexity—
PVBP, ₽—
Price at ±1 pp—
Stress on the rate
bp yield
Price, %—
Change—
Position P&L—
—
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, 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 05.12.2027 have not been announced and are shown at the current rate as a forecast.
A bond or a deposit?
This bond
15.3%
coupons known until 05.11.2027
Deposit
13.1%
top-10 banks, decade 2 of October 2026
Liquidity fund
13.6%
floats with the CBR key rate
The yield is 2.2 pp above the deposit rate. Coupons are known until 05.11.2027: until then the income does not depend on the key rate; after that the issuer will set the coupon rate.
A pre-tax comparison. Bond coupons are taxed at 13% personal income tax, but with 3+ years of holding the gain to par is exempt (long-term holding relief) — see the “After-tax yield” row in the bond parameters (≈ 12.5%). 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 AAA · Expert RA
Default probability≈ 0.02% a year
Issuer debt on the exchange48.29 bn ₽ 6 issues
Due within a year0%
Cost of debt18.32% market 14.96%
Risk-adjusted yield
15.28%
without the adjustment — 15.29%: 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 18 bp
Risk premium 162 bp
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
5 issues.
This bond is
cheaper than its own curve (yield higher by 86 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
SPE Alfa Factory PK-3 class A
matures 10.2032 · AAA
17.69%
SPE Alfa Factory PK-2 class A
matures 07.2031 · AAA
17.72%
SFO GPB SPK A2
matures 11.2033 · AAA
17.28%
SVSa
matures 12.2030 · AAA
15.52%
SFO SB Securitization 3 cl.A1
matures 10.2034 · AAA
17.09%
SFO SB Securitization 2 classA
matures 05.2034 · AAA
14.18%
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon17.80% a year · 12 payments/yr
Coupon, ₽7.21
Par477 ₽
Maturity05.12.2032 · 6.1 y
Issue
Listing level3
Issue size20.26 bn ₽
Lot1 units
Buying now
Order book101.58 / 101.77%spread 0.19% (≈35 bp of yield)
Cost of entry≈ 93 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽5.34 as of 28.10.2026
Average daily turnover1.1 mn ₽
Trades today18 · turnover 29.5 k ₽
Yields
Current yield17.49%
Simple yield1.35%
After-tax yield12.46% / 12.03% at 15%
- with the long-term holding relief (3+ years)12.46%
Spreads and valuation
Z-spread over OFZ+147 bp
Spread over swaps (I)+100 bp
Z-spread over swaps+95 bp
Peer assessmenta structured deal - not compared with a corporate grade
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).