Central bank cuts rates gradually, and Russian companies are issuing bonds more actively. Quite a lot of new papers appeared in June and July. Besides, added another exchange-traded mutual fund.
Part of the new bonds we do not mention. These are securities for qualified investors., bonds maturing more than 10 years from the date of publication of this material, very short papers, e.g. one-day, bonds with yields pegged to some assets and securities, which at the time of preparing the digest had obvious problems with liquidity.
Please note, that now not all securities and derivatives are available to everyone. To access a number of assets, for example, bonds with a rating below AAA, need to take a test. It is not necessary, if before October 1, 2021 the investor had transactions with such assets or if there is a status of a qualified investor. Or you can agree to the risk notice and buy assets, but maximum for 100 000 P or one lot.
We remind, that from 2021 on coupons of any bonds are withheld tax at a rate of 13% for tax residents of the Russian Federation and 30% for non-residents. This can be avoided, if you are a resident of the Russian Federation and you have IIS, at the closing of which you will apply the type B deduction.
We write the coupon size and the yield before taxes. If you are a resident of the Russian Federation and do not apply a type B deduction for IIS, the coupon size for you will be 13% less, i.e 0,87 from the one specified in the digest. If you are a non-resident - 30% less, or 0,7 from the specified. Respectively, profitability will be lower by about the same amount.
Bonds sorted by maturity date: from short to long. Foundation - at the end of the material.
This is a review, not an investment recommendation. All decisions are yours to make.
Corporate bond VTB B-1-131
Issuer — VTB.
Repayment — 6 June 2023.
Nominal — 1000 R.
Coupon rate — 10% per annum. Will be 12 coupon periods with monthly coupon payments. The first payment in the amount 8,22 R was 6 July 2022, further payments will be in the amount 8,49; 8,22 or 7,67 R.
1 August this bond was worth 101,74% denomination. The current yield at this price is 9,83%, simple yield to maturity — 7,75%, effective yield to maturity - 8,16% per annum.
Corporate bond VTB B-1-132
Issuer — VTB.
Repayment — 22 June 2023.
Nominal — 1000 R.
Coupon rate — 8,85% per annum. Will be 12 coupon periods with monthly coupon payments. The first payment in the amount 7,27 R was 22 July 2022, further payments will be in the amount 7,52, 7,27 or 6,79 R.
1 August this bond was worth 100,89% denomination. The current yield at this price is 8,77%, simple yield to maturity — 7,77%, effective yield to maturity - 8,1% per annum.
Corporate bond Dom.rf 001Р-10R
Issuer — JSC "Dom.rf".
Repayment — 20 July 2023.
Nominal — 1000 R.
Coupon rate — 8,81% per annum. Will be 2 coupon periods of 182 days each with payments of 43,93 R. The first payout will be 19 January 2023, the second - upon redemption of the bond.
1 August this bond was worth 100,99% denomination. The current yield at this price is 8,72%, simple yield to maturity — 7,69%, effective yield to maturity - 7,87% per annum.
Corporate bond VTB B-1-311
Issuer — VTB.
Repayment — 27 July 2023.
Nominal — 1000 R.
Coupon rate — 7,5% per annum. Will be 12 coupon periods with monthly coupon payments. The first payment in the amount 6,37 R will be 27 August 2023, further payments will be in the amount 6,37; 6,16 or 5,75 R.
1 August this bond was worth 100,15% denomination. The current yield at this price is 7,49%, simple yield to maturity — 7,33%, effective yield to maturity - 7,59% per annum.
Corporate bond Interleasing 001R-03
Issuer — OOO "Interleasing".
Repayment — 19 June 2024.
Nominal — 1000 R.
Coupon rate — 12,5% per annum. Will be 8 coupon periods for 91 day every day. The first payment in the amount 31,16 R will be 21 September 2022.
Depreciation. The bond will be redeemed gradually: starting from September 2023, together with coupons, they will pay 25% denomination. After depreciation payments, the coupon size in rubles will decrease.
1 August this bond was worth 99,21% denomination. The current yield at this price is 12,6%, simple yield to maturity — 10,38%, effective yield to maturity - 13,73% per annum.
Corporate bond Red Soft 002Р-03
Issuer — Red-soft LLC.
Repayment — 4 December 2024.
Nominal — 1000 R.
Coupon rate — 19% per annum. Will be 10 coupon periods for 91 day every day, the first coupon will be paid 7 September 2022 in the amount 47,37 R.
1 August this bond was worth 109,19% denomination. The current yield at this price is 17,4%, simple yield to maturity — 13,47%, effective yield to maturity - 15,1% per annum.
Corporate bond Rostelecom 002Р-08R
Rostelecom 002P issue 8RU000A104VS41050.30
Issuer - PAO Rostelecom.
Repayment — 11 June 2025.
Nominal — 1000 R.
Coupon rate — 10,2% per annum. Will be 6 coupon periods of 182 days each, the first coupon will be paid 14 December 2022 in the amount 50,86 R.
1 August this bond was worth 104,72% denomination. The current yield at this price is 9,74%, simple yield to maturity — 8,06%, effective yield to maturity - 8,48% per annum.
Corporate bond Fly Planning BO-P05
Issuer — JSC "APRI "Fly-planing"".
Repayment — 19 June 2025.
Nominal — 1000 R.
Coupon rate — 24% per annum. Will be 12 coupon periods for 91 day every day, the first coupon will be paid 22 September 2022 in the amount 59,84 R. In June 2023 the coupon rate and, respectively, coupon size may change, so be careful.
Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is assigned to 6 July 2023, applications for participation in it must be submitted from 16 on 22 June 2023. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
Depreciation. The bond will be redeemed gradually: will be paid in March 2025 50% denomination, yet 50% - on the maturity date. After the amortization payment, the coupon size in rubles will decrease.
1 August this bond was worth 100,01% denomination. The current yield at this price is 24%, simple yield to the offer — 23,39%, effective yield to offer - 26,17% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond Vush 001R-01
Whoosh issue 1RU000A104WS21000.00
Issuer — Vush LLC.
Repayment — 25 June 2025.
Nominal — 1000 R.
Coupon rate — 13,5% per annum. Will be 12 coupon periods for 91 day every day, the first coupon will be paid 28 September 2022 in the amount 33,66 R.
1 August this bond was worth 99,98% denomination. The current yield at this price is 13,5%, simple yield to maturity — 13,35%, effective yield to maturity - 14,2% per annum.
Corporate bond HC Finance 001Р-08
Issuer — LLC "HK-finance".
Repayment — 4 July 2025.
Nominal — 1000 R.
Coupon rate — 9,75% per annum. Will be 12 coupon periods for 91 day every day, the first coupon will be paid 7 October 2022 in the amount 24,31 R. In October 2023, the coupon rate and, respectively, coupon size may change, so be careful.
Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is assigned to 11 October 2023, applications for participation in it must be submitted from 2 on 6 October 2023. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
1 August this bond was worth 100,6% denomination. The current yield at this price is 9,69%, simple yield to the offer — 9,13%, effective yield to offer - 9,53% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond of the group of companies Samolet BO-P12
Airplane BO-P12RU000A104YT61006,80
Issuer - PAO «GK„ Samolet “».
Repayment — 11 July 2025.
Nominal — 1000 R.
Coupon rate — 13,25% per annum. Will be 12 coupon periods for 91 day every day, the first coupon will be paid 14 October 2022 in the amount 33,03 R.
1 August this bond was worth 100,69% denomination. The current yield at this price is 13,16%, simple yield to maturity — 12,85%, effective yield to maturity - 13,6% per annum.
Corporate bond of JSC im.. T. G. Shevchenko 001R-03
Issuer — AO im. T. G. Shevchenko.
Repayment — 17 July 2025.
Nominal — 1000 R.
Coupon rate — 18,5% per annum. Will be 12 coupon periods for 91 day every day, the first coupon will be paid 20 October 2022 in the amount 46,12 R. In July 2023, the coupon rate and, respectively, coupon size may change, so be careful.
Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is assigned to 25 July 2023, applications for participation in it must be submitted from 14 on 20 July 2023. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
Depreciation. The bond will be redeemed gradually: starting from October 2024, with each coupon they will pay 25% denomination. After depreciation payments, the coupon size in rubles will decrease.
1 August this bond was worth 100,8% denomination. The current yield at this price is 18,35%, simple yield to the offer — 17,43%, effective yield to offer - 18,76% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond KamAZ BO-P10
KAMAZRU000A104ZC91026.90
Issuer — KAMAZ PJSC.
Repayment — 18 July 2025.
Nominal — 1000 R.
Coupon rate — 10,8% per annum. Will be 12 coupon periods for 91 day every day, the first coupon will be paid 21 October 2022 in the amount 26,93 R. In July 2024, the coupon rate and, respectively, coupon size may change, so be careful.
Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is assigned to 24 July 2024, applications for participation in it must be submitted from 15 on 19 July 2024. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
1 August this bond was worth 102,13% denomination. The current yield at this price is 10,57%, simple yield to the offer — 9,49%, effective yield to offer - 9,95% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond MV Finance 001Р-03
M.Video issue 3RU000A104ZK21000.50
Issuer — MV-finance LLC.
Repayment — 22 July 2025.
Nominal — 1000 R.
Coupon rate — 12,35% per annum. Will be 12 coupon periods for 91 day every day, the first coupon will be paid 25 October 2022 in the amount 30,79 R.
1 August this bond was worth 100,13% denomination. The current yield at this price is 12,33%, simple yield to maturity — 12,27%, effective yield to maturity - 12,88% per annum.
Corporate bond Sibur Holding 001Р-01
Issuer — PJSC Sibur Holding.
Repayment — 20 January 2026.
Nominal — 1000 R.
Coupon rate — 9,15% per annum. Will be 13 coupon periods for 91 day each and one more lasting 109 days. The first coupon will be paid 7 October 2022 in the amount 22,81 R.
1 August this bond was worth 102,5% denomination. The current yield at this price is 8,93%, simple yield to maturity — 8,18%, effective yield to maturity - 8,57% per annum.
Corporate bond MTS 001Р-21
Issuer — PAO "MTS".
Repayment — 22 June 2026.
Nominal — 1000 R.
Coupon rate — 9,65% per annum. Will be 16 coupon periods for 91 day every day, the first coupon will be paid 26 September 2022 in the amount 24,06 R.
1 August this bond was worth 103,78% denomination. The current yield at this price is 9,3%, simple yield to maturity — 8,29%, effective yield to maturity - 8,77% per annum.
Corporate bond Elektroapparat BO-01
Issuer — LLC "Electroapparat".
Repayment — 25 June 2026. The issuer has the right to repay bonds early in June 2023, 2024 or 2025.
Nominal — 1000 R.
Coupon rate — 19,5% per annum. Will be 16 coupon periods for 91 day every day, the first coupon will be paid 29 September 2022 in the amount 48,62 R. In June 2023 the coupon rate and, respectively, coupon size may change, so be careful.
Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is assigned to 4 July 2023, applications for participation in it must be submitted from 23 on 29 June 2023. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
1 August this bond was worth 100% denomination. The current yield at this price is 19,5%, simple yield to the offer — 19,17%, effective yield to offer - 20,94% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond of JSC im.. T. G. Shevchenko 001R-04
Issuer — AO im. T. G. Shevchenko.
Repayment — 23 July 2026.
Nominal — 1000 R.
Coupon rate — 17% per annum. Will be 16 coupon periods for 91 day every day, the first coupon will be paid 27 October 2022 in the amount 42,38 R. In October 2023, the coupon rate and, respectively, coupon size may change, so be careful.
Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is assigned to 31 October 2023, applications for participation in it must be submitted from 20 on 26 October 2023. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
Depreciation. The bond will be redeemed gradually: starting from October 2025, with each coupon they will pay 25% denomination. After depreciation payments, the coupon size in rubles will decrease.
1 August this bond was worth 100,03% denomination. The current yield at this price is 16,99%, simple yield to the offer — 16,94%, effective yield to offer - 18,08% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond Leasing trade 001Р-04
Issuer – Leasing-trade LLC.
Repayment — 9 June 2027.
Nominal — 1000 R.
Coupon rate — 19% per annum. Will be 60 coupon periods for 30 days each, the first coupon will be paid 4 August 2022 in the amount 15,62 R. In April 2023, the coupon rate and, respectively, coupon size may change, so be careful.
Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is assigned to 1 April 2023, applications for participation in it must be submitted from 27 on 31 March 2023. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
1 August this bond was worth 100,03% denomination. The current yield at this price is 18,99%, simple yield to the offer — 18,69%, effective yield to offer - 20,69% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond Avtodor BO 003R-02
Issuer — GC "Avtodor".
Repayment — 1 July 2027.
Nominal — 1000 R.
Coupon rate — 10,65% per annum. Will be 10 coupon periods: duration of the first - 212 days, last – 152 days, for the rest - 182 days. The first coupon will be paid 4 February 2023 in the amount 61,86 R, the remaining coupons will be smaller due to the shorter term.
1 August this bond was worth 103,4% denomination. The current yield at this price is 10,3%, simple yield to maturity — 9,56%, effective yield to maturity - 9,99% per annum.
Beluga Group corporate bond BO-P05
Issuer — PAO «Beluga-grupp».
Repayment — 6 July 2027.
Nominal — 1000 R.
Coupon rate — 10,85% per annum. Will be 10 coupon periods of 182 days each, the first coupon will be paid 10 January 2023 in the amount 54,1 R.
Depreciation. The bond will be redeemed gradually: in July 2026 and January 2027, together with coupons, they will pay 25% denomination, and the remaining 50% - on the maturity date. After depreciation payments, the coupon size in rubles will decrease.
1 August this bond was worth 100,64% denomination. The current yield at this price is 10,78%, simple yield to maturity — 9,78%, effective yield to maturity - 10,95% per annum.
Corporate bond VEB.RF PBO-002R-33
Issuer — VEB.RF.
Repayment — 15 July 2027.
Nominal — 1000 R.
Coupon rate — 10,2% per annum. Will be 10 coupon periods of 182 days each, the first coupon will be paid 19 January 2023 in the amount 50,86 R.
1 August this bond was worth 103,15% denomination. The current yield at this price is 9,89%, simple yield to maturity — 9,24%, effective yield to maturity - 9,61% per annum.
Corporate bond Russian Post BO 002Р-01
Russian PostRU000A104V751119.80
Issuer — JSC Russian Post.
Repayment — 26 May 2032.
Nominal — 1000 R.
Coupon rate — 11,4% per annum. Will be 20 coupon periods of 182 days each, the first coupon will be paid 7 December 2022 in the amount 56,84 R. In June 2027, the coupon rate and, respectively, coupon size may change, so be careful.
Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is assigned to 7 June 2027, applications for participation in it must be submitted from 27 May on 2 June 2027. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
1 August this bond was worth 109,5% denomination. The current yield at this price is 10,41%, simple yield to the offer — 8,49%, effective yield to offer - 9,13% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond Russian Post BO 002Р-02
Issuer — JSC Russian Post.
Repayment — 8 June 2032.
Nominal — 1000 R.
Coupon rate — 10,15% per annum. Will be 20 coupon periods of 182 days each, the first coupon will be paid 20 December 2022 in the amount 50,61 R. In June 2026, the coupon rate and, respectively, coupon size may change, so be careful.
Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is assigned to 19 June 2026, applications for participation in it must be submitted from 9 on 16 June 2026. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
1 August this bond was worth 104,5% denomination. The current yield at this price is 9,71%, simple yield to the offer — 8,5%, effective yield to offer - 8,94% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond Russian Post BO 002Р-03
Issuer — JSC Russian Post.
Repayment — 8 June 2032.
Nominal — 1000 R.
Coupon rate — 10,15% per annum. Will be 20 coupon periods of 182 days each, the first coupon will be paid 20 December 2022 in the amount 50,61 R. In June 2028, the coupon rate and, respectively, coupon size may change, so be careful.
Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is assigned to 16 June 2028, applications for participation in it must be submitted from 6 on 13 June 2028. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
1 August this bond was worth 104% denomination. The current yield at this price is 9,76%, simple yield to the offer — 9%, effective yield to offer - 9,46% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Corporate bond Slavneft 002R-04
Issuer — PJSC "NGK "Slavneft"".
Repayment — 11 June 2032.
Nominal — 1000 R.
Coupon rate — 10,15% per annum. Will be 40 coupon periods for 91 day every day, the first coupon will be paid 23 September 2022 in the amount 25,31 R. In June 2025, the coupon rate and, respectively, coupon size may change, so be careful.
Offer. If you don't like the new coupon, it will be possible to ask the issuer to redeem bonds ahead of schedule, using the offer. She is assigned to 25 June 2025, applications for participation in it must be submitted from 16 on 20 June 2025. Participation in the offer may be paid, therefore, it is worth checking the tariffs of your broker in advance.
1 August this bond was worth 107,77% denomination. The current yield at this price is 9,42%, simple yield to the offer — 6,86%, effective yield to offer - 7,34% per annum. Yield to maturity cannot be calculated, since the size of not all coupons is known.
Alfa Capital Exchange Traded Fund – Money Market (AKMM)
This exchange-traded mutual fund from Alfa Capital Management Company invests in repo instruments with a central counterparty secured by government securities. This turns out to be a money market fund with low returns., but also minimal risk.
In this way the fund is similar to other money market funds: RCMM, SBMM, VTBM (LQDT). Like the mentioned funds, it reinvests all income.
AKMM's overall spending level is up to 0,34% per year of the fund's net asset value. Expenses are gradually deducted from the fund's assets and are thus taken into account in the share price.
The fund is admitted to trading in rubles. 1 in August the fund's share price was approx. 100,4 R.
