FX / eurobonds · RU000A10E8P0
RZD BO 001P-51R
RU000A10E8P0
9.01%
yield to maturity
Price
97.30%
977 CNY with accrued interest
Coupon
7.60%
12×/yr
Maturity
23.09.2029
term 2.9 y
Duration
2.6 y
price −2.3% per +1 pp of rate
Premium over replacement bonds
+204 bp
OFZ in CNY
Credit risk
AAA(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
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, CNY—
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, CNY | Principal, CNY | Total, CNY |
|---|
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.
Issuer credit qualityrating, financials, debt and default-risk adjustment
Credit risk
Low
issuer rating AAA · default probability ≈ 0.02%/yr
Altman Z″ 1.78 · Grey
issuer balance sheet · RAS 2021 · the data is out of date · not representative for a holding company
Interest coverage1.9×
Liabilities to equity0.5×
Return on sales7.9%
Figures are from the issuer's RAS statements for 2021 - the data is out of date. 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.
Group financials and issuer debt
The issuer's debt outstanding
Circulating1.74 tn ₽of which 56.68 bn ₽ in FX (CHF, CNY)
Issues69 +2 in FX
Due within a year11%
Cost of rouble debt15.05% market 14.97%
2026
2027
2028
2029
2030
2031
2032
2033
in roublesin FX, at the Bank of Russia rate
From 2040 onwards — another 60.2 bn ₽. Issues with a put are assigned to the put date rather than to maturity.
Risk-adjusted yield
9.00%
without the adjustment — 9.01%: 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 replacement bonds is made of
Expected loss 1 bp
Exit cost 2 bp
Risk premium 201 bp
Peerssimilar bonds of other issuers
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
Polyus PBO-06
matures 03.2032 · AAA
8.96%
PhosAgro BO-02-05
matures 05.2029 · AAA
8.75%
OFZ-PD 12156120V
matures 02.2029 · AAA
6.81%
Gazprom capital BO-003P-20
matures 02.2029 · AAA
8.17%
MMC NORILSK NICKEL BO-001P-17
matures 05.2030 · AAA
8.57%
Atomenergoprom 001P-18
matures 03.2028 · AAA
8.45%
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon7.60% a year · 12 payments/yr
Coupon, CNY6.25
Par1 000 CNY
Maturity23.09.2029 · 2.9 y
Issue
Listing level2
Issue size4 bn CNY
Lot1 units
Buying now
Order book97.18 / 97.30%spread 0.12% (≈5 bp of yield)
Cost of entry≈ 62 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, CNY3.95 as of 28.10.2026
Average daily turnover20.4 mn ₽
Trades today151 · turnover 19.4 mn ₽
Yields
Current yield7.81%
Simple yield8.73%
Spreads and valuation
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).