Corporate · RU000A10GFD8

MTS 003P-04

RU000A10GFD8

Floater

—

the coupon rate has not been announced yet

Price 99.80% 998 ₽ with accrued interest

Coupon float Key rate

Maturity 25.08.2038 term 11.8 y

Duration 11.8 y coupon tracks the rate

Daily turnover — no data for 30 days

Credit risk ruAAA Expert RA · low

Price and spread over the ratehow the bond traded and how much it pays over the base rate

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 (YTM), % Discount margin, bp

Bonds for the amount—

Purchase price per unit (with accrued interest)—

Investment amount—

Fee—

Coupon income to maturity—

Principal repayment—

Total profit—

If the margin changes: price sensitivity and stress

Price at ±1 pp of margin—

Stress on margin

bp of margin

Price, %—

Change—

Position P&L—

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Effective YTM under the MOEX convention (ACT/365). The floater's coupons are projected under the "flat" scenario - the yield is indicative.

Floating coupon

Coupon baseKey rate · 14.00%

The coupon rate for the next period has not been announced by the issuer yet (a fresh issue). The coupon will be tied to the base (Key rate) plus a margin. No scenario yield is calculated yet.

How the coupon is calculated. Coupon rate = the CBR key rate on the coupon fixing date + a fixed margin. Reset monthly; the coupon is known at the start of each period.

Coupon scenario Flat · Implied

Issuer credit qualityrating, financials and the issuer's debt

Credit risk

Low

issuer rating AAA · default probability ≈ 0.02%/yr

Altman Z″ -1.05 · Distress

issuer balance sheet · RAS 2025

-0.2 21 -0.3 22 -0.6 23 -1.2 24 -1.1 25

From 2022 to 2025 the Z″ fell by 0.71 - the accounts are deteriorating before the rating reflects it

Interest coverage0.6×

Liabilities to equity11.1×

Return on sales21.9%

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″) are weaker than the credit rating: the issuer's accounts disagree with the agency's view.

Group financials and issuer debt

Group, IFRS

	2025, actual	2026, forecast
Revenue	807	872
EBITDA	280	262
Net profit	38.6	77.4
Net debt / EBITDA	—	2.8×

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

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Compare with another bond

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Historywhat the bond returned in the past

Issue parametersterms, buying now, yields and spreads

Terms

Couponfloating · Key rate · 12 payments/yr

Coupon, ₽—

Par1 000 ₽

Maturity25.08.2038 · 11.8 y

Issue

Listing level1

Issue size30 bn ₽

Lot1 units

Buying now

Order book99.70 / 99.80%spread 0.1% (≈0.8 bp of yield)

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

Accrued interest, ₽0.42

Trades today163 · turnover 104.4 mn ₽

Yields

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).