38.08%
yield to worst (YTW)
cheap versus the group+1077 bp
Price
91.47%
917 ₽ with accrued interest
Coupon
25.00%
4×/yr
Put/call
31.01.2028
9.1 y to maturity
Duration
1.1 y
price −0.8% per +1 pp of rate
Premium over OFZ
+2396 bp
over OFZ 14.12% at 1.11 yr
Credit risk
BB-
NCR · high
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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If rates change: duration, convexity, stress
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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (31.01.2028) - redemption at par on the put date; coupons after the put have not been announced yet. The fair price discounts the cash flows at the yield of a comparable credit class (a reference point).
Expected income and buffer · for the year
Over the key rate+2408 bp
Roll-down (year)+0.13%
Expected income+38.21%
Safety buffer>3000 bp
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 4 times a year, and the bar adds up all of that year's payments. Coupons from 16.04.2028 have not been announced and are shown at the current rate as a forecast.
Issuer credit qualitycredit risk and the issuer's debt on the exchange
Credit risk
High
issuer rating BB- · NCR
Default probability
≈ 5.50%
per year, by issuer rating
Issuer debt on the exchange
250.0 mn ₽
3 issues
Due within a year
20%
of exchange debt, maturities and puts
Cost of debt
23.60%
market 33.72%
Issuer debt maturities by year
202750.0 mn
2028150.0 mn
2029—
2030—
203150.0 mn
Issues with a put are assigned to the put date rather than to maturity. All of the issuer's bonds are in the section “Issuer curve”.
Risk-adjusted yield
32.68%
without the adjustment — 38.08%: expected default losses reduce the yield by 540 bp (1 bp = 0.01 pp)
The probability of default is 5.50% 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 540 bp
Exit cost 1 bp
Risk premium 1855 bp
FairValue score
Attractiveness score60/100
Stress riskhigh 75/100
yield 38.1% - above the market norm+25
price 91.5% of par - the market prices repayment below par+15
issuer's balance sheet weakened over the year: Altman Z″ -1.5+15
price over the month -3.4%+10
yield up 447 bp over the month+10
How the score is built
Cheap vs norm
98
weight 15%
Cheap vs group
90
weight 15%
Safety buffer
100
weight 25%
Liquidity
22
weight 25%
Credit quality
5
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
3 issues.
This bond is
cheaper than its own curve (yield higher by 1213 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
SERGIEVSKOE BO-010.3 y23.39%
SERGIEVSKOE BO-021.1 y38.08%
SERGIEVSKOE 001P-012.7 y30.98%
History and alternativewhat the bond returned in the past and a comparison with a deposit
A bond or a deposit?
This bond
38.1%
the rate is fixed for 1.3 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 25.0 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 (≈ 32.7%). Deposit interest is taxed above a tax-free allowance; a liquidity fund qualifies for the long-term holding relief after 3 years.
Issue parametersterms, buying now, yields and spreads
Terms
Coupon25.00% a year · 4 payments/yr
Coupon, ₽61.64
Par1 000 ₽
Maturity06.12.2035 · 9.1 y
Put/call31.01.2028
Issue
Listing level3
Issue size150.0 mn ₽
Lot1 units
Buying now
Order book91.45 / 91.47%spread 0.02% (≈2 bp of yield)
Cost of entry≈ 11 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽2.73 as of 28.10.2026
Average daily turnover520.5 k ₽
Trades today146 · turnover 332.0 k ₽
Yields
Current yield27.33%
Simple yield34.63%
Yield to maturity if the 25.00% rate holds30.58%
After-tax yield32.69% / 31.88% at 15%
Spreads and valuation
Z-spread over OFZ+2388 bp
Spread over swaps (I)+2370 bp
Z-spread over swaps+2370 bp
Peer assessmentCheap +1077 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).