FX / eurobonds · RU000A10EYG7

Polyus PBO-06

RU000A10EYG7 · Polyus yield curve

Fixed Put 07.29

8.96%

yield to worst (YTW)

Price 97.70% 978 CNY with accrued interest

Coupon 7.65% 12×/yr

Put/call 13.07.2029 5.4 y to maturity

Duration 2.4 y price −2.2% per +1 pp of rate

Premium over replacement bonds +205 bp OFZ in CNY

Credit risk ruAAA Expert RA · 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, CNY Or quantity, units Broker fee, % Purchase price, % Yield to put, % Premium over replacement bonds, bp

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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (13.07.2029) - 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).

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. Coupons from 09.08.2029 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 Low issuer rating AAA · Expert RA

Default probability ≈ 0.02% per year, by issuer rating

Issuer debt on the exchange 414.19 bn ₽ 3 issues, plus 8 in foreign currency

Due within a year 13% of exchange debt, maturities and puts

Cost of rouble debt 12.97% market 14.89%

Group, IFRS

	2025, actual	2026, forecast
Revenue	713	863
EBITDA	518	604
Net profit	314	335
Net debt / EBITDA	—	1×

RUB bn. The forecast is a FairValue estimate, not the issuer's reporting. Full financials are on the PLZL share page

Issuer debt maturities by year

202755.5 bn

202856.3 bn

202985.3 bn

2030197.7 bn

203119.3 bn

in roublesin FX, at the Bank of Russia rate

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

8.94%

without the adjustment — 8.96%: expected default losses reduce the yield by 2 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 2 bp Exit cost 3 bp Risk premium 200 bp

Peersthe issuer's other bonds and similar bonds of other issuers

Issuer curve

5 issues · Polyus. This bond is cheaper than its own curve (yield higher by 223 bp: an issue premium)

duration, years → ● this bond · yield, % ↑

Similar issues

Other issuers' bonds with a fixed coupon, close in maturity and rating

PhosAgro BO-02-05

matures 05.2029 · AAA

8.75%

RZD BO 001P-51R

matures 09.2029 · AAA

9.01%

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%

Compare with another bond

Whether to swap Polyus PBO-06 for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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Polyus PBO-06 and peers: yield × term

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Historywhat the bond returned in the past

Issue parametersterms, buying now, yields and spreads

Terms

Coupon7.65% a year · 12 payments/yr

Coupon, CNY6.29

Par1 000 CNY

Maturity26.03.2032 · 5.4 y

Put/call13.07.2029

Issue

Listing level1

Issue size2.6 bn CNY

Lot1 units

Buying now

Order book97.55 / 97.70%spread 0.147% (≈6 bp of yield)

Cost of entry≈ 75 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, CNY0.8387 as of 28.10.2026

Average daily turnover4.4 mn ₽

Trades today43 · turnover 4.5 mn ₽

Yields

Current yield7.83%

Simple yield8.70%

Yield to maturity if the 7.65% rate holds8.49%

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).