Corporate · RU000A10ECM1
Gazprom Capital BO-003P-21
RU000A10ECM1
16.22%
yield under the scenario (current rate)
Price
100.59%
1 008 ₽ with accrued interest
Coupon
15.50%
Key rate
Maturity
12.08.2028
term 1.8 y
Duration
1.6 y
coupon tracks the rate
Daily turnover
1.9 mn ₽
30-day average
Credit risk
AAA(RU)
ACRA · low
Price and spread over the ratehow the bond traded and how much it pays over the base rate
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—
If the margin changes: price sensitivity and stress
Price at ±1 pp of margin—
Stress on margin
bp of margin
Price, %—
Change—
Position P&L—
—
Effective YTM under the MOEX convention (ACT/365). The floater's coupons are projected under the "flat" scenario - the yield is indicative.
Floating coupon
Coupon baseKey rate · 14.00%
Current coupon rate15.50%
Premium over the base+150 bp
Simple margin+117 bp
How the coupon is calculated. Coupon rate = the CBR key rate on the coupon fixing date + a margin of +150 bp. Reset monthly; the coupon is known at the start of each period.
Issuer credit qualityrating, financials and the issuer's debt
Credit risk
Low
issuer rating AAA · default probability ≈ 0.02%/yr
Altman Z″ 3.86 · Safe
issuer balance sheet · RAS 2025
5.2
21
4.7
23
3.8
24
3.9
25
over 2021-2025 the change is -1.34, no sustained trend
Interest coverage0.2×
Liabilities to equity0.6×
Return on sales2.2%
Figures are from the issuer's RAS statements for 2025.
Conclusion: Balance-sheet metrics (Altman Z″) agree with the credit rating.
Group, IFRS
| 2025, actual | 2026, forecast | |
|---|---|---|
| Revenue | 9771 | 11042 |
| EBITDA | 2918 | 4196 |
| Net profit | 1074 | 1779 |
| Net debt / EBITDA | — | 1.4× |
RUB bn. The forecast is a FairValue estimate, not the issuer's reporting. Full financials are on the GAZP share page
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.
The issuer's debt outstanding
Circulating2.57 tn ₽ 57 issues
Of which in foreign currency1.01 tn ₽ 20 issues · CHF, CNY, EUR, USD
Due within a year14%
Cost of rouble debt14.23% market 15.70%
Issuer debt maturities by year
2027392.9 bn
2028723.7 bn
2029387.9 bn
2030214.1 bn
203158.7 bn
2032—
2033—
203460.3 bn
in roublesin FX, at the Bank of Russia rate
From 2037 onwards — another 72.7 bn ₽. Issues with a put are assigned to the put date rather than to maturity.
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Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon15.50% a year · Key rate · 12 payments/yr
Coupon, ₽—
Par1 000 ₽
Maturity12.08.2028 · 1.8 y
Issue
Listing level2
Issue size50 bn ₽
Lot1 units
Buying now
Order book100.42 / 100.62%spread 0.2% (≈13 bp of yield)
Cost of entry≈ 99 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽2.54
Trades today12 · turnover 113.5 k ₽
Yields
After-tax yield13.91% / 13.56% at 15%
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).