Corporate · RU000A10EPV4
SSCap 001P-02
RU000A10EPV4
29.08%
yield to worst (YTW)
cheap versus the group+529 bp
Price
94.42%
947 ₽ with accrued interest
Coupon
21.00%
12×/yr
Put/call
21.03.2028
9.3 y to maturity
Duration
1.2 y
price −0.9% per +1 pp of rate
Premium over OFZ
+1485 bp
over OFZ 14.23% at 1.21 yr
Credit risk
BBB-(RU)
ACRA · moderate
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 (21.03.2028) - 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+1508 bp
Roll-down (year)+0.24%
Expected income+29.32%
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 12 times a year, and the bar adds up all of that year's payments. Coupons from 15.04.2028 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
Moderate
issuer rating BBB- · ACRA
Default probability
≈ 0.90%
per year, by issuer rating
Issuer debt on the exchange
1.2 bn ₽
2 issues
Due within a year
42%
of exchange debt, maturities and puts
Cost of debt
19.33%
market 29.08%
Risk-adjusted yield
28.27%
without the adjustment — 29.08%: expected default losses reduce the yield by 81 bp (1 bp = 0.01 pp)
The probability of default is 0.90% 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 81 bp
Exit cost 4 bp
Risk premium 1400 bp
FairValue score
Attractiveness score55/100
How the score is built
Cheap vs norm
64
weight 15%
Cheap vs group
70
weight 15%
Safety buffer
95
weight 25%
Liquidity
32
weight 25%
Credit quality
17
weight 20%
Peerssimilar bonds of other issuers
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
PR-Leasing LLC BO 002P-03
matures 07.2035 · BBB+
28.57%
PR-Leasing 003P-02
matures 05.2036 · BBB+
25.29%
History and alternativewhat the bond returned in the past and a comparison with a deposit
A bond or a deposit?
This bond
29.1%
the rate is fixed for 1.4 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 16.0 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 (≈ 25.0%). 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
Coupon21.00% a year · 12 payments/yr
Coupon, ₽17.26
Par1 000 ₽
Maturity03.02.2036 · 9.3 y
Put/call21.03.2028
Issue
Listing level3
Issue size700.0 mn ₽
Lot1 units
Buying now
Order book94.42 / 94.50%spread 0.08% (≈7 bp of yield)
Cost of entry≈ 42 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽2.87 as of 28.10.2026
Average daily turnover833.9 k ₽
Trades today110 · turnover 635.2 k ₽
Yields
Current yield22.24%
Simple yield26.39%
Yield to maturity if the 21.00% rate holds24.89%
After-tax yield24.95% / 24.33% at 15%
Spreads and valuation
Z-spread over OFZ+1476 bp
Spread over swaps (I)+1470 bp
Z-spread over swaps+1470 bp
Peer assessmentCheap +529 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).