FX / eurobonds · RU000A10GC87

PhosAgro BO-03-01

RU000A10GC87 · PhosAgro yield curve

Fixed

8.61%

yield to maturity

Price 100.07% 1 005 CNY with accrued interest

Coupon 8.40% 4×/yr

Maturity 07.04.2028 term 1.4 y

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

Premium over replacement bonds +180 bp OFZ in CNY

Credit risk AAA(RU) ACRA · 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 maturity, % Premium over replacement bonds, 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).

Cash flows

Date	Coupon, CNY	Principal, CNY	Total, CNY

Coupon payments and principal repayment by date for one bond. On the chart, coupons use the left axis and face value the right one.

Issuer credit qualityrating, financials, debt and default-risk adjustment

Credit risk

Low

issuer rating AAA · default probability ≈ 0.02%/yr

Altman Z″ 4.09 · Safe

issuer balance sheet · RAS 2025

7.6 21 8.9 22 4.4 23 3.8 24 4.1 25

over 2021-2025 the change is -3.51, no sustained trend

Interest coverage2.5×

Liabilities to equity3.1×

Return on sales92.5%

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	574	591
EBITDA	176	171
Net profit	103	83.5
Net debt / EBITDA	—	1.8×

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

The issuer's debt outstanding

Circulating334.84 bn ₽of which 194.47 bn ₽ in FX (CNY, USD)

Issues3 +8 in FX

Due within a year25%

Cost of rouble debt14.63% market 15.57%

2026

2027

2028

2029

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

8.59%

without the adjustment — 8.61%: 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 40 bp Risk premium 138 bp

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

Issuer curve

3 issues · PhosAgro. This bond is richer than its own curve (yield lower by 162 bp)

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

Similar issues

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

Atomenergoprom 001P-18

matures 03.2028 · AAA

8.45%

MMC NORILSK NICKEL BO-001P-16

matures 12.2030 · AAA

8.92%

Eurasian Develop Bank P03-04

matures 11.2027 · AAA

5.46%

Rosneft 002P-12

matures 09.2032 · AAA

6.60%

Gazprom capital BO-003P-19

matures 08.2027 · AAA

7.55%

Polyus PBO-02

matures 08.2027 · AAA

7.10%

Compare with another bond

Whether to swap PhosAgro BO-03-01 for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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PhosAgro BO-03-01 and peers: yield × term

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Historywhat the bond returned in the past

Issue parametersterms, buying now, yields and spreads

Terms

Coupon8.40% a year · 4 payments/yr

Coupon, CNY20.94

Par1 000 CNY

Maturity07.04.2028 · 1.4 y

Issue

Listing level1

Issue size2.5 bn CNY

Lot1 units

Buying now

Order book99.91 / 101.00%spread 1.089% (≈80 bp of yield)

Cost of entry≈ 542 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, CNY4.37 as of 28.10.2026

Average daily turnover33.4 mn ₽

Trades today21 · turnover 723.7 k ₽

Yields

Current yield8.39%

Simple yield8.31%

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).