MOEX · Debt market

Bonds

data as of 27.10.2026 All issues
Central bank key rate 14.00% decided on 23.10.2026
10-year government debt 16.30% this is what the state pays on ten-year OFZs
Long OFZs versus short ones +178 bp a long term pays markedly more
The rate by the end of 2026 ~14.09% this is what the market is pricing in
What is paid for risk? yields are brought to one term - 1.4 years Market map
AAA 15.31%+88 bp over OFZ AA+* 15.53%+110 bp over OFZ AA 16.33%+190 bp over OFZ AA- 17.41%+298 bp over OFZ A+ 17.54%+311 bp over OFZ A 18.66%+423 bp over OFZ A- 18.67%+424 bp over OFZ BBB+* 24.53%+1010 bp over OFZ BBB 24.53%+1010 bp over OFZ BBB-* 24.69%+1026 bp over OFZ BB+ 26.73%+1230 bp over OFZ BB 28.81%+1438 bp over OFZ BB-* 31.32%+1689 bp over OFZ
A rating's yield is the OFZ yield for the same term plus a credit-risk premium: the lower the rating, the higher the premium. An asterisk marks ratings with fewer than eight issuers — their estimate is less reliable.
Market segments
Government (OFZ) 57 median 15.61% Corporate 1710 median 17.38% Municipal 62 median 15.55% FX-denominated 204 median 9.09%
Coupon type
Fixed 1329 median 17.05% Floating 607 median 16.42% Linkers 11 principal indexed to inflation or a metal
The OFZ curve what the state pays for different terms
13.85 3m 13.77 1y 14.52 2y 15.13 3y 15.78 5y 16.08 7y 16.30 10y 16.47 15y
What the market expects of the key rate from ROISfix interest rate swap rates
Currently
14.00%
3 months
14.26%
6 mo
14.45%
1 year
14.44%
2 years
14.45%
The market is pricing in the rate staying near its current level.
Where the curve is heading the change in OFZ yields, in basis points
TermCurrentlyweekmonthyear
1 year 13.77% +8 +45 −12
2 years 14.52% −10 −3 +5
3 years 15.13% −3 +13 +37
5 years 15.78% −2 +12 +69
10 years 16.30% −3 +13 +144
Curve slope 2–10 years now +178 bp
Slope is the difference between 10-year and 2-year OFZ yields; below the dashed line means inversion. Since August 2024 the low was −473 bp on 2 December 2024, with the key rate at 21%; the high was 198 bp on 8 October 2026. More in the glossary
What the market is saying
The OFZ curveTen-year OFZs yield 178 bp more than two-year ones. That is the term premium: the further the maturity, the greater the uncertainty and the more yield an investor demands. An upward curve is the normal shape for a calm market.
Corporate bondsThe median yield of corporate issues is 17.38%: half the bonds yield more, half less. That is 338 bp above the key rate, and the add-on compensates for the companies' credit risk.
Floating coupon607 issues with a floating coupon are outstanding. The coupon rate is set by a formula tied to the key rate or RUONIA - the average rate on overnight rouble loans between banks. When rates rise, coupon income rises with them.
What is happening on the market across every traded issue
What the most reliable borrowers pay 15.31% The median yield of issues with the top AAA rating, brought to a common term. This is the floor of the corporate market: only government issues pay less. Issuers: 20 · +88 bp over OFZ
What one notch of risk adds +3.3 pp That is how much more a borrower rated A pays than a top-category AAA issuer of the same term. This difference is the credit risk premium: the lower the rating, the higher the chance of a late or incomplete repayment. AAA 15.31 versus A 18.66%
If the rate is cut by 1 point ≈ +5.9% A duration-based calculation: if yields shifted down by one percentage point, the price of a long OFZ would change by about this much. It is a sensitivity estimate, not a forecast - if rates rise, the sign flips. on the issue OFZ-PD 26238; duration 6.8 y - the number of years in which the investment comes back through coupons and redemption
Puts within the next three months 64 A put is a pre-announced early redemption date: the investor has the right to present the bond to the issuer at face value (put), and for some issues the issuer announces the buyback itself (call). Miss the put date and you may be left with an issue on which the issuer has cut the coupon for the next period. issues with a put date before 26.01.2027
Upcoming events CBR meetings, puts and redemptions
Puts a pre-set day for early redemption
putMA Titan-3 01 28.10.2026 putSinara Transportation 001P-09 29.10.2026 putGPB Finance 001P-07P 29.10.2026 putGPB Finance 001P-10P 29.10.2026 putDOM.RF BO-07 30.10.2026 putDOM.RF BO-06 30.10.2026
The rate and redemptions CBR meetings and OFZ principal repayments
CBBank of Russia key rate meeting 18.12.2026
CBBank of Russia key rate meetingcore 12.02.2027
CBBank of Russia key rate meeting 19.03.2027
maturesOFZ-PK 29016 23.12.2026 maturesOFZ-PD 26207 03.02.2027 maturesOFZ-PK 29007 03.03.2027 maturesOFZ-PK 29020 22.09.2027 maturesOFZ-PD 26232 06.10.2027 maturesOFZ-PD 26212 19.01.2028
Top by FairValue score score 0–100: OFZ premium versus its one-year norm and versus the rating group, yield cushion, liquidity and credit quality; one issue per issuer, OFZs and issues rich to peers excluded, turnover from RUB 10 mn a day Full list
Depfin Ugry 34002 RU000A10DLP7 AAA(RU)
short term, high rating fixed couponamort.
15.36% yield
richer than usualcheaper
Duration1.0 y Coupon14.80% Price100.25%
iWHOOSH BO 001P-04 RU000A10BS76 BBB+(RU)
fixed coupon
38.51% yield
richer than usualcheaper
Duration1.3 y Coupon20.25% Price84.45%
GTLK BO 002P-09 RU000A10C6F7 AA-(RU)
fixed couponamort.
18.38% yield
richer than usualcheaper
Duration1.6 y Coupon16.75% Price99.63%
RZD BO 001P-44R RU000A10C8C0 AAA(RU)
fixed coupon
16.46% yield
richer than usualcheaper
Duration2.0 y Coupon13.95% Price97.35%
Russian Post 003P-07 RU000A10FDV7 AA-(RU)
fixed couponput 06.28
18.40% yield to put
Duration1.4 y Coupon16.95% Price99.91%
EvrazHolding Finance 003P-04 RU000A10CKZ0 AA-(RU)
fixed coupon
16.48% yield
richer than usualcheaper
Duration1.2 y Coupon13.90% Price98.30%
Sistema PJSFC 001P-14 RU000A101XN7 A+(RU)
fixed couponput 04.27
24.27% yield to put
richer than usualcheaper
Duration0.5 y Coupon10.50% Price94.81%
RusHydro BO-002P-07 RU000A10CC24 AAA(RU)
fixed coupon
15.67% yield
richer than usualcheaper
Duration1.5 y Coupon13.85% Price98.77%
DeltaLeasing 001P-03 RU000A10DHT7 ruAA-
fixed couponamort.
18.17% yield
richer than usualcheaper
Duration0.9 y Coupon17.15% Price100.31%
Etalon-Finans 002P-05 RU000A10EST2 ruBBB+
fixed couponamort.
30.93% yield
richer than usualcheaper
Duration1.7 y Coupon20.00% Price88.09%
X5 FINANCE 003P-17 RU000A10E6V2 AAA(RU)
fixed couponput 03.28
15.45% yield to put
richer than usualcheaper
Duration1.3 y Coupon14.50% Price100.07%
LSR 002P-01 RU000A10EYH5 ruA
fixed couponamort.
20.35% yield
richer than usualcheaper
Duration1.7 y Coupon15.65% Price95.00%
Where to start an issue for your goal, not a list of three thousand Bond picker
The yield is calculated from the last exchange trade and moves inversely with the price: when the price falls, the yield rises. An investor receives it in full if they bought the issue at that price, held it to maturity and the issuer met its obligations. The premium over OFZ is payment for credit risk: the higher it is, the less reliable the market considers the borrower. Not an individual investment recommendation.
Tools

Market map

Every issue on one field: the premium over OFZ vertically, duration horizontally. You can see who pays markedly more than their rating peers - and work out what the difference is about.

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Bond ladder

Spread the amount across issues with different maturity dates so that part of the money comes back every year. There is no need to sell a bond early at an unfavourable price.

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Compare two bonds

What you gain and what you pay for it if you swap one issue for another: yield after tax, the borrower's reliability and the price's sensitivity to rates.

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