Etalon-Finans 002P-05
30.93%
yield to maturity
cheap versus the group+668 bp
Price
88.09%
892 ₽ with accrued interest
Coupon
20.00%
12×/yr
Maturity
25.03.2029
term 2.4 y
Duration
1.7 y
price −1.3% per +1 pp of rate
Premium over OFZ
+1624 bp
over OFZ 14.69% at 1.75 yr
Credit risk
ruBBB+
Expert RA · 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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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+1693 bp
Roll-down (year)+0.53%
Expected income+31.46%
Safety buffer+2360 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
Moderate
issuer rating BBB+ · Expert RA
Default probability
≈ 0.35%
per year, by issuer rating
Issuer debt on the exchange
39.25 bn ₽
5 issues
Due within a year
38%
of exchange debt, maturities and puts
Cost of debt
20.59%
market 30.57%
Issuer debt maturities by year
202724.8 bn
202810.0 bn
20294.5 bn
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
30.61%
without the adjustment — 30.93%: expected default losses reduce the yield by 32 bp (1 bp = 0.01 pp)
The probability of default is 0.35% 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 32 bp
Exit cost 2 bp
Risk premium 1590 bp
FairValue score
Attractiveness score72/100
Stress riskhigh 100/100
yield 30.9% - above the market norm+25
price over the month -11.6%+20
price 88.1% of par - the market prices repayment below par+15
price range over the month 11.7% - unstable quote+15
issuer's balance sheet weakened over the year: Altman Z″ -1.6+15
yield up 889 bp over the month+10
How the score is built
Cheap vs norm
91
weight 15%
Cheap vs group
74
weight 15%
Safety buffer
88
weight 25%
Liquidity
77
weight 25%
Credit quality
29
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
4 issues · Etalon.
This bond is
richer than its own curve (yield lower by 645 bp)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
TGC-14 001P-05
matures 01.2029 · BBB
24.03%
BUSINESS ALLIANCE 001P-09
matures 03.2029 · BBB-
34.58%
TALVEN BO-P01
matures 12.2028 · BBB
30.09%
LEGENDA BO 002P-08
matures 10.2028 · BBB
24.15%
MoneyMan BO-02-01
matures 04.2029 · BBB-
24.39%
iWHOOSH BO 001P-06
matures 04.2029 · BBB+
32.53%
History and alternativewhat the bond returned in the past and a comparison with a deposit
A bond or a deposit?
This bond
30.9%
the rate is fixed for 2.4 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 17.9 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 (≈ 26.6%). 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
Coupon20.00% a year · 12 payments/yr
Coupon, ₽16.44
Par1 000 ₽
Maturity25.03.2029 · 2.4 y
Issue
Listing level2
Issue size4.5 bn ₽
Lot1 units
Buying now
Order book88.00 / 88.09%spread 0.09% (≈5 bp of yield)
Cost of entry≈ 51 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽11.50 as of 28.10.2026
Average daily turnover23.1 mn ₽
Trades today419 · turnover 4.8 mn ₽
Yields
Current yield22.70%
Simple yield26.07%
After-tax yield26.57% / 25.91% at 15%
Spreads and valuation
Z-spread over OFZ+1606 bp
Spread over swaps (I)+1652 bp
Z-spread over swaps+1646 bp
Peer assessmentCheap +668 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).