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AKB PAO "PERESVET"
The yield to maturity on RU000A0JVRL2 is 14.62 % a year. It is calculated from the last traded price and accounts for every remaining coupon together with the return of face value, which is why it differs from the coupon rate.
The face value is returned on 15 August 2035, which is 9 years from today. Trading in the issue stops on the maturity date and the money is credited to the holder's brokerage account.
The coupon rate is 0.51 % a year on the face value, paid 6,552 times a year. The next coupon falls on 15 August 2035.
Buying one bond now, you pay the seller 46.44 ₽ of accrued interest on top of the price, and receive the whole coupon on the next payment date.
One bond has a face value of 1,000.00 ₽. Prices in the order book are quoted as a percentage of it, so a quote of 98.4 means 98.4 % of face value.
The security trades on level 3 of the Moscow Exchange quotation list. The level reflects how strictly the issue meets requirements on disclosure, size and the issuer's track record.
The issue is available to any investor: qualified status is not required and no broker's test needs to be taken.
The issuer is AKB PAO "PERESVET". It is the issuer that carries the obligations on the security, so its financial condition is what determines the risk of the investment.
Besides this security, AKB PAO "PERESVET" has 5 issues more outstanding. Issues from one issuer differ in term, coupon rate and yield, while the credit risk they carry is the same.
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An exchange-traded bond is a corporate issue registered by the exchange itself rather than by the Bank of Russia. The simplified procedure exists so that companies can borrow quickly: registration takes days rather than months and requires no prospectus approval from the regulator. Most Russian corporate debt is placed in this form today.
The form of registration does not change the holder's rights: the same coupons, the same face value, the same order of claims. What differs is the route to market, and the fact that only an issuer whose securities are already admitted to trading may place them.
Many issues come to market through programmes: the company registers framework terms once and then brings out individual series as the need arises. Hence the long designations such as "BO-002R-03" — they describe the programme number and the sequence of the issue within it, not the quality of the bond.
The listing level — first, second or third — shows how strictly the issue meets the exchange's requirements for size, the issuer's track record, disclosure and the presence of a rating. Bonds on the first and second levels are available to every investor; part of the third level and the high-yield segment require qualified investor status or the completion of a broker's test.