MFC Bistrodengi 003P-02
24.18%
yield to maturity
rich versus the group-531 bp
Price
100.88%
1 023 ₽ with accrued interest
Coupon
22.25%
12×/yr
Maturity
17.04.2030
term 3.5 y
Duration
2.2 y
price −1.7% per +1 pp of rate
Premium over OFZ
+918 bp
over OFZ 15.00% at 2.19 yr
Credit risk
ruBB
Expert RA · high
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+1018 bp
Roll-down (year)+0.63%
Expected income+24.81%
Safety buffer+1406 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
High
issuer rating BB · Expert RA
Default probability
≈ 3.50%
per year, by issuer rating
Issuer debt on the exchange
3.05 bn ₽
10 issues
Due within a year
57%
of exchange debt, maturities and puts
Cost of debt
21.23%
market 23.68%
The issuer has had a technical default - a payment was late and was made afterwards. MOEX applies this flag to every issue of such an issuer, so it refers to its payment discipline rather than to this particular bond. Formally the issue is outstanding; look at the issuer's overall debt burden.
Issuer debt maturities by year
2026120.0 mn
20271.6 bn
2028124.6 mn
2029400.0 mn
2030800.0 mn
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
21.09%
without the adjustment — 24.18%: expected default losses reduce the yield by 309 bp (1 bp = 0.01 pp)
The probability of default is 3.50% 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 309 bp
Exit cost 7 bp
Risk premium 602 bp
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
6 issues.
This bond is
cheaper than its own curve (yield higher by 44 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
Similar issues
Other issuers' bonds with a fixed coupon, close in maturity and rating
LK AdvansTruck 001P-01
matures 10.2030 · BB
32.00%
LIZING-TREYD 001P-12
matures 08.2030 · BB+
28.41%
ASPACE 001P-03
matures 01.2030 · BB+
22.79%
MFC Lime-Zaim 06
matures 02.2031 · BB+
26.72%
AUTOASSISTANS 001P-01
matures 03.2029 · BB+
27.20%
Patriot Group 001P-02
matures 09.2028 · BB+
30.89%
History and alternativewhat the bond returned in the past and a comparison with a deposit
A bond or a deposit?
This bond
24.2%
the rate is fixed for 3.5 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 11.1 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, but with 3+ years of holding the gain to par is exempt (long-term holding relief) — see the “After-tax yield” row in the bond parameters (≈ 20.6%). 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
Coupon22.25% a year · 12 payments/yr
Coupon, ₽18.29
Par1 000 ₽
Maturity17.04.2030 · 3.5 y
Issue
Listing level3
Issue size300.0 mn ₽
Lot1 units
Buying now
Order book100.57 / 100.88%spread 0.31% (≈14 bp of yield)
Cost of entry≈ 154 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽14.02 as of 28.10.2026
Average daily turnover1.7 mn ₽
Trades today33 · turnover 467.0 k ₽
Yields
Current yield22.06%
Simple yield18.68%
After-tax yield20.62% / 20.08% at 15%
- with the long-term holding relief (3+ years)20.62%
Spreads and valuation
Z-spread over OFZ+896 bp
Spread over swaps (I)+971 bp
Z-spread over swaps+952 bp
Peer assessmentRich -531 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).