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Moscow Exchange · RU000A108Q52
Maturity 11/09/2027 · fixed coupon
SFO BCS Structured Notes
The coupon is 0.01 % a year, paid 1107 times a year; the next payment is due on September 11, 2027. It matures on September 11, 2027, in 0.9 years.
The last trade price is 82.75 % of face value as of 28/09/2026, 23:50 MSK.
The face value is returned on 11 September 2027, which is 11 months 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 0.01 % a year on the face value, paid 1,107 times a year. The next coupon falls on 11 September 2027.
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 SFO BCS Structured Notes. It is the issuer that carries the obligations on the security, so its financial condition is what determines the risk of the investment.
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A corporate bond is issued by a company to raise money directly from investors rather than through a bank loan. The bondholder is a creditor, not a co-owner: they take no share of profit and cast no vote at the shareholders' meeting, but their claims rank ahead of shareholders' if the issuer runs into difficulty.
The yield on a corporate issue is the yield on government paper of the same maturity plus a credit spread — the premium for that particular issuer's risk. The weaker the credit quality, the wider the spread. The market is conventionally split into tiers: the first holds the largest companies with high ratings, the second sound but less prominent names, and the third the high-yield segment, where an elevated rate corresponds directly to an elevated chance of trouble.
Some corporate issues carry a put option — a date on which the holder may present the bond for early redemption at par. The issuer typically gains the right to reset the coupon for the following period in exchange. For the investor this means the real horizon ends at the put date rather than at the formal maturity, and yield is calculated to the put accordingly.
Subordinated issues, most often from banks, are a category of their own. In a resolution or bankruptcy their claims rank behind those of all other creditors, and in certain cases the debt can be written off in full. The higher yield on such bonds is payment for exactly that condition.