Corporate · RU000A10DY50
Segezha Group 003P-08R
RU000A10DY50
28.34%
yield to maturity
Price
98.41%
990 ₽ with accrued interest
Coupon
24.00%
12×/yr
Maturity
10.06.2028
term 1.6 y
Duration
1.3 y
price −1.0% per +1 pp of rate
Daily turnover
2.7 mn ₽
30-day average
Credit risk
ruB
Expert RA · high
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
28.3%
the rate is fixed for 1.6 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 15.3 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 (≈ 24.2%). 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
High
issuer rating B · default probability ≈ 11%/yr
Altman Z″ -4.37 · Distress
issuer balance sheet · RAS 2025
2.4
21
2.1
22
0.0
23
0.2
24
-4.4
25
From 2021 to 2025 the Z″ fell by 6.79 - the accounts are deteriorating before the rating reflects it
Interest coverage0.0×
Liabilities to equity1.0×
Return on sales24.3%
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
The issuer's debt outstanding
Circulating98.9 bn ₽of which 14.13 bn ₽ in FX (CNY)
Issues12 +3 in FX
Due within a year79%
Cost of rouble debt18.11% market 35.04%
2026
2027
2028
2029
in roublesin FX, at the Bank of Russia rate
Issues with a put are assigned to the put date rather than to maturity.
Risk-adjusted yield
18.25%
without the adjustment — 28.34%: expected default losses reduce the yield by 1009 bp (1 bp = 0.01 pp)
The probability of default is 11% a year: the historical average for this rating. In a default, holders recover 30% of face value on average.
FairValue score
Attractiveness score38/100
How the score is built
Cheap vs norm
32
weight 15%
Cheap vs group
no signal
—
weight 15%
Safety buffer
no signal
—
weight 25%
Liquidity
51
weight 25%
Credit quality
2
weight 20%
Peerssimilar bonds of other issuers
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon24.00% a year · 12 payments/yr
Coupon, ₽19.73
Par1 000 ₽
Maturity10.06.2028 · 1.6 y
Issue
Listing level3
Issue size669.7 mn ₽
Lot1 units
Buying now
Order book98.49 / 98.85%spread 0.36% (≈27 bp of yield)
Cost of entry≈ 182 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽5.91 as of 28.10.2026
Trades today195 · turnover 872.5 k ₽
Yields
Current yield24.39%
Simple yield25.24%
After-tax yield24.23% / 23.61% 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).