Dangerous bond COX (RU000A10C741)

• Mining metallurgist in Kemerovo, a company from the crisis sector. In 2024, a net loss of 9.9 billion rubles, the indicator of net debt/eBITDA 9.2x, while 90% of the debt is short-term.

• There are already 4 billion rubles for 4 billion rubles in circulation (a new release coupon of 21%), a credit rating A- with a “Negative” forecast from Acre.