Corporate · RU000A10FTR1

VIS FINANCE BO-P14

RU000A10FTR1 · the issuer's yield curve

Fixed

18.61%

yield to maturity

fair-6 bp

Price 99.19% 1 002 ₽ with accrued interest

Coupon 16.75% 12×/yr

Maturity 22.01.2029 term 2.2 y

Duration 1.9 y price −1.5% per +1 pp of rate

Premium over OFZ +384 bp over OFZ 14.78% at 1.86 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

Bonds for the amount—

Purchase price per unit (with accrued interest)—

Investment amount—

Fee—

Coupon income to maturity—

Principal repayment—

Total profit—

Fair price —
—

—

If rates change: duration, convexity, stress

Current yield—

Duration (Macaulay)—

Modified duration—

Convexity—

PVBP, ₽—

Price at ±1 pp—

Stress on the rate

bp yield

Price, %—

Change—

Position P&L—

—

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+461 bp

Roll-down (year)+0.64%

Expected income+19.25%

Safety buffer+1228 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 Low issuer rating A+ · Expert RA

Default probability ≈ 0.10% per year, by issuer rating

Issuer debt on the exchange 26.25 bn ₽ 13 issues

Due within a year 25% of exchange debt, maturities and puts

Cost of debt 16.96% market 18.40%

Issuer debt maturities by year

20278.5 bn

20285.0 bn

202910.2 bn

20301.5 bn

20311.0 bn

All of the issuer's bonds are in the section “Issuer curve”.

Risk-adjusted yield

18.53%

without the adjustment — 18.61%: expected default losses reduce the yield by 8 bp (1 bp = 0.01 pp)

The probability of default is 0.10% 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 8 bp Exit cost 2 bp Risk premium 374 bp

FairValue score

Attractiveness score54/100

How the score is built

Cheap vs norm no signal — weight 15%

Cheap vs group 42 weight 15%

Safety buffer 41 weight 25%

Liquidity 77 weight 25%

Credit quality 53 weight 20%

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

Issuer curve

9 issues. This bond is cheaper than its own curve (yield higher by 21 bp: an issue premium)

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

Similar issues

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

Borets Capital 001P-05

Compare with another bond

Whether to swap VIS FINANCE BO-P14 for another issue - we compare yield (including after tax), credit risk, duration and liquidity

→

Find similar ones on the market map

VIS FINANCE BO-P14 and peers: yield × term

→

History and alternativewhat the bond returned in the past and a comparison with a deposit

A bond or a deposit?

This bond

18.6%

the rate is fixed for 2.2 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 5.6 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 (≈ 16.0%). 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

Coupon16.75% a year · 12 payments/yr

Coupon, ₽13.77

Par1 000 ₽

Maturity22.01.2029 · 2.2 y

Issue

Listing level2

Issue size2 bn ₽

Lot1 units

Buying now

Order book99.19 / 99.29%spread 0.1% (≈5 bp of yield)

Cost of entry≈ 50 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, ₽10.55 as of 28.10.2026

Average daily turnover9.4 mn ₽

Trades today466 · turnover 4.8 mn ₽

Yields

Current yield16.89%

Simple yield17.07%

After-tax yield15.95% / 15.55% at 15%

Spreads and valuation

Z-spread over OFZ+370 bp

Spread over swaps (I)+420 bp

Z-spread over swaps+414 bp

Peer assessmentFair -6 bp

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).