Think, that, given the current tendency towards a weakening of the ruble, a good option for exchange speculations would be to invest in Eurobonds on the MICEX. And then you trade, you trade stocks, and even if in rubles in positive territory, then in dollar terms at the end of the year, a general minus is very likely. Why not buy dollar bonds and get almost guaranteed a few percent per annum and at the end of the year be in positive territory in dollars, and even more so in rubles. Moreover, the dollar annual interest in banks is very small (from zero to two percent). And you can get much more on Eurobonds. Но это все, certainly, beneficial if the ruble continues to weaken. And also it is necessary to take into account the risk of bankruptcy of the issuer.
Since I have never dealt with bonds on the MICEX in my life, then I had to read a little today and get acquainted with how it all works. Right here, for example, not a bad article for dummies like me
All in all, familiarized myself a little, and now I would like to ask the experts, is my following reasoning correct?
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Let's take, for example, Eurobonds PSB Fin-7. These are Eurobonds of Promsvyazbank. Their repayment will be 11/6/2019.
1) Coupon sizea is denoted as 51,00 — as I understand it in dollars. Coupon duration -182. I understand that after so many days the coupon is paid. That is, it happens twice a year.. That's why, we receive payment per year 51,00 * 2 = 102 dollar.
2) Nominal bonds — 1000 Dollars. That's why, if we receive coupons per year for 102 dollar, that is 10,2% per annum.
3) The bond is traded at 104,5 (proposal). That's why, if we buy at this price, then the true yield will be calculated using the formula from the above brochure:
10,2 * 1000 / 1045 = 9,76%
This is how much we will receive per annum until maturity in 2019 year.
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Is this correct or am I missing something? :)
