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Moscow Exchange · RU000A105NT6
Maturity 17/12/2027 · fixed coupon
Magadan Region
On October 26, 2026 the bond Magadan Region 2022 (RU000A105NT6) trades at 96.56 % of its face value (400 RUB). The yield to maturity is 14.67 % a year; the median across regional bonds in the same currency is 15.47 %. The coupon is 10.61 % a year, paid 4 times a year; the next payment is due on December 18, 2026. It matures on December 17, 2027, in 1.1 years.
The last trade price is 96.56 % of face value as of 26/10/2026, 10:51 MSK.
The yield to maturity on RU000A105NT6 is 14.67 % 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 17 December 2027, which is 1 year 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 10.61 % a year on the face value, paid 4 times a year. The next coupon falls on 18 December 2026.
Buying one bond now, you pay the seller 4.53 ₽ 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 400.00 ₽. 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 1 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 Magadan Region. 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, Magadan Region has one issue 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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A sub-federal issue is the debt of a constituent region of the Russian Federation — an oblast, krai, republic or federal city. The loan is backed by the regional budget rather than the federal one, so these bonds normally yield more than OFZ of comparable maturity. That difference is precisely what the investor is paid for a region's creditworthiness differing from the country's.
Almost every sub-federal issue amortises: the face value is returned in instalments on a published schedule rather than in a single sum at the end. As a result the effective investment horizon is shorter than the formal maturity date, and the coupon amount shrinks along with the outstanding face value — at an unchanged rate the absolute payment gets smaller each year.
Liquidity is markedly lower than for federal issues: placement volumes are smaller and the bonds often settle with institutional holders until maturity. In practice this means a wide spread between bids and offers, and days with no trades at all. For an investor prepared to hold to maturity this is no obstacle; for one who expects to exit early it matters a great deal.
Credit quality varies between regions, and rating agencies assess them separately from the sovereign level, weighing budget stability, debt load and dependence on federal transfers.