Corporate · RU000A10EYH5

LSR 002P-01

RU000A10EYH5 · LSR Group yield curve

Fixed Amortisation

20.35%

yield to maturity

cheap versus the group+178 bp

Price 95.00% 951 ₽ with accrued interest

Coupon 15.65% 12×/yr

Maturity 12.04.2029 term 2.5 y

Duration 1.7 y price −1.4% per +1 pp of rate

Premium over OFZ +568 bp over OFZ 14.67% at 1.72 yr

Credit risk ruA 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, ₽ 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+635 bp

Roll-down (year)+0.58%

Expected income+20.93%

Safety buffer+1469 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 qualityrating, financials, debt, default-risk adjustment and the FairValue score

Credit risk

Low

issuer rating A · default probability ≈ 0.15%/yr

Altman Z″ 2.79 · Safe

issuer balance sheet · RAS 2025

1.5 21 -0.5 22 4.4 23 4.5 24 2.8 25

From 2023 to 2025 the Z″ fell by 1.56 - the accounts are deteriorating before the rating reflects it

Interest coverage0.6×

Liabilities to equity1.2×

Return on sales75.1%

Figures are from the issuer's RAS statements for 2025. 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.

Conclusion: Balance-sheet metrics (Altman Z″) agree with the credit rating.

Group financials and issuer debt

Group, IFRS

	2025, actual	2026, forecast
Revenue	252	239
EBITDA	68.4	43.1
Net profit	10.8	−42.4
Net debt / EBITDA	—	4.3×

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

The issuer's debt outstanding

Circulating27 bn ₽

Issues5

Due within a year11%

Cost of debt16.10% market 19.68%

2027

2028

2029

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

20.22%

without the adjustment — 20.35%: expected default losses reduce the yield by 13 bp (1 bp = 0.01 pp)

The probability of default is 0.15% 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 13 bp Exit cost 1 bp Risk premium 554 bp

FairValue score

Attractiveness score70/100

How the score is built

Cheap vs norm 89 weight 15%

Cheap vs group 84 weight 15%

Safety buffer 58 weight 25%

Liquidity 86 weight 25%

Credit quality 42 weight 20%

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

Issuer curve

4 issues · LSR Group. This bond is richer than its own curve (yield lower by 47 bp)

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

Similar issues

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

Compare with another bond

Whether to swap LSR 002P-01 for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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LSR 002P-01 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

20.4%

the rate is fixed for 2.5 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 7.3 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 (≈ 17.6%). 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

Coupon15.65% a year · 12 payments/yr

Coupon, ₽12.86

Par1 000 ₽

Maturity12.04.2029 · 2.5 y

Issue

Listing level1

Issue size10 bn ₽

Lot1 units

Buying now

Order book94.97 / 95.00%spread 0.03% (≈2 bp of yield)

Cost of entry≈ 16 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, ₽1.28 as of 28.10.2026

Average daily turnover23.7 mn ₽

Trades today265 · turnover 4.1 mn ₽

Yields

Current yield16.47%

Simple yield15.62%

After-tax yield17.57% / 17.14% at 15%

Spreads and valuation

Z-spread over OFZ+554 bp

Spread over swaps (I)+594 bp

Z-spread over swaps+588 bp

Peer assessmentCheap +178 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).