Corporate · RU000A10EA08

Softline 002P-02

RU000A10EA08

Fixed

19.53%

yield to maturity

cheap versus the group+93 bp

Price 102.71% 1 036 ₽ with accrued interest

Coupon 19.50% 12×/yr

Maturity 20.12.2028 term 2.1 y

Duration 1.8 y price −1.5% per +1 pp of rate

Premium over OFZ +483 bp over OFZ 14.70% at 1.76 yr

Credit risk A-(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

Investment amount, ₽ Or quantity, units Broker fee, % Purchase price, % Yield to maturity, % Premium over OFZ, bp

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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).

Expected income and buffer · for the year

Over the key rate+553 bp

Roll-down (year)+0.6%

Expected income+20.13%

Safety buffer+1366 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 12 times a year, and the bar adds up all of that year's payments.

Issuer credit qualitycredit risk and the issuer's debt on the exchange

Credit risk Low issuer rating A- · ACRA

Default probability ≈ 0.25% per year, by issuer rating

Issuer debt on the exchange 9.6 bn ₽ 3 issues

Due within a year 0% of exchange debt, maturities and puts

Cost of debt 19.20% market 19.66%

Risk-adjusted yield

19.32%

without the adjustment — 19.53%: expected default losses reduce the yield by 21 bp (1 bp = 0.01 pp)

The probability of default is 0.25% 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 21 bp Exit cost 2 bp Risk premium 460 bp

FairValue score

Attractiveness score60/100

How the score is built

Cheap vs norm 58 weight 15%

Cheap vs group 71 weight 15%

Safety buffer 50 weight 25%

Liquidity 83 weight 25%

Credit quality 36 weight 20%

Peerssimilar bonds of other issuers

Similar issues

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Compare with another bond

Whether to swap Softline 002P-02 for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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Softline 002P-02 and peers: yield × term

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History and alternativewhat the bond returned in the past and a comparison with a deposit

A bond or a deposit?

This bond

19.5%

the rate is fixed for 2.1 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 6.5 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 (≈ 16.6%). 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

Coupon19.50% a year · 12 payments/yr

Coupon, ₽16.03

Par1 000 ₽

Maturity20.12.2028 · 2.1 y

Issue

Listing level2

Issue size6.6 bn ₽

Lot1 units

Buying now

Order book102.60 / 102.69%spread 0.09% (≈5 bp of yield)

Cost of entry≈ 44 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, ₽9.08 as of 28.10.2026

Average daily turnover18.9 mn ₽

Trades today495 · turnover 7.4 mn ₽

Yields

Current yield18.99%

Simple yield17.60%

After-tax yield16.55% / 16.10% at 15%

Spreads and valuation

Z-spread over OFZ+468 bp

Spread over swaps (I)+512 bp

Z-spread over swaps+508 bp

Peer assessmentCheap +93 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).