Corporate · RU000A10G270

FCB 1P-12

RU000A10G270

Fixed Amortisation

18.13%

yield to maturity

fair-18 bp

Price 101.01% 1 016 ₽ with accrued interest

Coupon 17.50% 12×/yr

Maturity 29.10.2029 term 3.0 y

Duration 1.4 y price −1.2% per +1 pp of rate

Premium over OFZ +372 bp over OFZ 14.41% at 1.41 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+413 bp

Roll-down (year)+0.41%

Expected income+18.54%

Safety buffer+1558 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 ≈ 0.25% per year, by issuer rating

Issuer debt on the exchange 12.08 bn ₽ 8 issues

Due within a year 6% of exchange debt, maturities and puts

Cost of debt 17.60% market 17.33%

Issuer debt maturities by year

20271.7 bn

20285.8 bn

20294.7 bn

Risk-adjusted yield

17.92%

without the adjustment — 18.13%: expected default losses reduce the yield by 21 bp (1 bp = 0.01 pp)

The probability of default is 0.25% 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 21 bp Exit cost 9 bp Risk premium 342 bp

FairValue score

Attractiveness score53/100

How the score is built

Cheap vs norm no signal — weight 15%

Cheap vs group 37 weight 15%

Safety buffer 64 weight 25%

Liquidity 67 weight 25%

Credit quality 36 weight 20%

Peerssimilar bonds of other issuers

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Compare with another bond

Whether to swap FCB 1P-12 for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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FCB 1P-12 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

18.1%

the rate is fixed for 3.0 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 5.1 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 (≈ 15.5%). 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

Coupon17.50% a year · 12 payments/yr

Coupon, ₽14.38

Par1 000 ₽

Maturity29.10.2029 · 3.0 y

Issue

Listing level3

Issue size1 bn ₽

Lot1 units

Buying now

Order book100.75 / 101.01%spread 0.26% (≈18 bp of yield)

Cost of entry≈ 129 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, ₽6.23 as of 28.10.2026

Average daily turnover4.8 mn ₽

Trades today142 · turnover 2.1 mn ₽

Yields

Current yield17.33%

Simple yield9.24%

After-tax yield15.46% / 15.06% at 15%

- with the long-term holding relief (3+ years)15.46%

Spreads and valuation

Z-spread over OFZ+343 bp

Spread over swaps (I)+374 bp

Z-spread over swaps+363 bp

Peer assessmentFair -18 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).