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Russian
00:00:00
friends Good afternoon, here's Maxim00:00:01
Petrov, I'm glad to welcome you to the00:00:02
Max Capital channel, where we develop00:00:04
investor thinking and talk about where to00:00:06
invest in these Difficult times,00:00:08
today the video is again dedicated to00:00:09
bonds, maybe this has set someone's teeth on00:00:11
edge, but I would still like to show00:00:13
tool I would like to do some00:00:16
calculations because it turns out that00:00:19
when people start working with bonds,00:00:21
when they go to the broker’s application,00:00:23
when they start choosing bonds and00:00:26
they look at certain parameters and00:00:28
looking at these parameters they refuse to00:00:30
buy bonds and here is what I00:00:33
observe at the last moment I don’t know00:00:35
what this is connected with. This is due to the fact that in00:00:37
our country mathematics has begun to be taught worse in00:00:39
schools. Yes, the modern generation does not00:00:41
consider this, that is, do a little00:00:45
mathematical calculations and the purpose of this00:00:47
video is to show that, all other00:00:49
things being equal, yes. Under what conditions, that is00:00:51
what should happen directly in00:00:53
Russia in our country, what should00:00:54
happen with monetary policy00:00:56
and inflation in order to00:00:57
earn about 45% on00:01:00
Federal Loan bonds in 3 years, that is, the00:01:02
average annual yield there is around00:01:04
40-45, about annual again it turns out it00:01:09
may even be twice as much as00:01:12
what the average return on the00:01:14
Russian securities market has provided over the00:01:15
past 30 years. At one time when I00:01:17
worked at the Troika Dialogue company, I00:01:21
came across a very interesting situation00:01:23
that some of the oldest military00:01:25
investment funds that were00:01:27
created on Russian securities market00:01:29
dobra nikiti fund bond fund Ilya00:01:32
Muromets I came to work in 2005.00:01:34
The funds were created in 1996 and it00:01:38
was surprising to me00:01:41
how many 9 years of existence there are00:01:43
equity funds that in the long00:01:45
term should provide higher00:01:48
returns on the value of the share they were there00:01:51
40 percent less than the cost of00:01:53
shares of the bond fund for me it was00:01:55
surprising but nevertheless we understand00:01:57
why this is happening now at the00:02:00
moment if you look at00:02:02
the prospect for example the next 10 years00:02:04
the situation is repeated due to the fact that00:02:06
on bonds you can get a return of00:02:09
more higher than you can get a00:02:11
return on stocks Let's talk about this, be sure to00:02:13
watch this00:02:14
video until the end there will be00:02:16
mathematical calculations here there will be00:02:18
mathematics certain assumptions will be made00:02:20
simply to the question of how we00:02:23
calculate the yield on bonds This is a00:02:25
very important factor that needs to be00:02:27
taken into account When you calculate So if we00:02:29
now look at the yield of00:02:31
ten-year Federal00:02:33
loan bonds, we get the following story:00:02:35
in bonds there are things that do not change.00:02:38
That is, when00:02:39
bonds are issued, there are things that do not change00:02:42
over time,00:02:45
three key indicators do not change over time,00:02:48
that is, the first such indicator00:02:49
is the face value the par00:02:53
value of bonds, as a rule,00:02:56
if we are talking about Russian bonds,00:02:58
is usually 1,00000:03:01
rubles, that is, the price of the par value itself does not00:03:04
change, provided that we are talking00:03:07
about bonds with a constant coupon. That00:03:09
is, I now do not take bonds that are00:03:12
amortized and that are issued with00:03:14
some kind certain discounts, we are00:03:16
talking about clear stories, we are talking00:03:19
about bonds with a constant coupon, they00:03:21
accordingly have three key00:03:23
parameters, the first denomination and the denomination does not00:03:26
change, the second parameter is the size of the00:03:28
coupon, that is, the00:03:32
coupon coupons can be completely different00:03:35
and the size of the coupon usually depends on the00:03:37
key refinancing rates That is,00:03:39
if the Key refinancing rate at the00:03:41
moment is00:03:42
about 15%, then in this case you need to00:03:45
understand that if the borrower is now entering the00:03:48
market. What does this mean that the cost of00:03:50
money is now 15% if00:03:54
the borrower were to enter I don’t know there 2 s years00:03:57
ago when the refinancing rate was00:03:59
there and then, accordingly, the coupon rate00:04:01
would have been five and here it is very important00:04:03
to understand that the coupon rate It always00:04:05
depends on what the value of money is00:04:09
at the time the bonds are issued And if we00:04:11
buy bonds that were issued00:04:12
3 years ago which were issued 400:04:15
years ago, the refinancing rate was00:04:17
lower, so now it turns out that it’s a00:04:19
ten-year term. Well, that is, we are talking about a00:04:20
duration of 8 to 12 years, their00:04:23
coupon rate is now around00:04:26
7%, once again these parameters are unchanged, the00:04:30
coupon size does not change, that is, it does not00:04:31
change we are talking about a permanent coupon; the00:04:33
par price does not change; What does the00:04:36
par price mean? this is the price at which this00:04:39
bond will be redeemed at the end of00:04:41
its circulation period; the00:04:43
third00:04:49
circulation period; What does the circulation period mean; for00:04:51
what period is the bond issued?00:04:56
it can be thirty years old and an00:04:58
important parameter here is that if00:05:01
the borrower has low credit quality,00:05:04
if this company enters the00:05:06
bond market for the first time, that is, the company00:05:08
begins to use debt financing instruments for the first time by00:05:12
issuing bonds, that is, the market does00:05:14
not know it yet, the market does not understand how much00:05:16
it has financial discipline does00:05:18
it allow for delays in the payment of coupons? Are there00:05:20
any technical defaults, that is, the00:05:23
market does not know the company; this company00:05:25
previously used exclusively00:05:26
bank financing and therefore00:05:28
it turns out that when a company just00:05:30
enters the market, as a rule, there is a00:05:32
limited volume of output. Well, that00:05:34
was the second would be acceptable for her - this is a00:05:36
fairly short period, usually up to TX00:05:38
Maximum 5 years and here the company00:05:42
offers a premium Yes, since its market does not00:05:44
know Since it is not clear what its00:05:46
risks are, then it must, for example, in00:05:49
competition for investors' capital, it00:05:51
must compete with the state00:05:52
which issues Federal00:05:54
Loan bonds, it can compete, I don’t know,00:05:56
with Lukoil with Gazprom with SBE Bank00:05:59
with VTB, which also issues bonds,00:06:02
it also needs to raise00:06:04
funds and some00:06:06
company comes there Guy Hoof Yes and says00:06:09
give me money I’m issuing money there00:06:11
microloans Yes, I have this kind of00:06:13
profitability, I earn00:06:15
a lot there, I need to replenish00:06:16
working capital, so I saved up00:06:19
money on the debt market, and that’s why it00:06:22
turns out when the capitalist00:06:24
begins to choose Where should he invest in00:06:26
VTB Federal Loan bonds or in00:06:28
OO raga and hooves from that Horn and00:06:30
Hoof he demands a premium if, for example,00:06:32
the yield on bonds, the coupon on00:06:34
government bonds will be around 7%, then00:06:36
these are also called high-yield00:06:38
bonds, and they will have a00:06:41
premium and bonus accordingly. It can reach up to00:06:43
double the00:06:46
coupon rate, I don’t know, 12% 14% And00:06:51
therefore this is obtained according to the00:06:53
maturity period. The more reliable the borrower00:06:55
the state can afford to00:06:56
issue ten-year bonds00:06:58
twenty-year bonds thirty-year00:07:00
bonds in America the government00:07:02
also issues fifty-year bonds therefore the00:07:05
maturity period is also important, but it was initially indicated00:07:07
in the Bond Issue Prospectus and00:07:09
accordingly these three parameters are not00:07:10
change and this is the first thing you need to00:07:12
understand is that these parameters are unchanged00:07:14
second what parameters change in the00:07:16
process all the change we are now talking00:07:19
about bond yields occurs00:07:22
due to changes in the price at which you00:07:25
buy that is in the00:07:27
comments on the YouTube channel Yes, I00:07:30
saw that a person he says, I came in and00:07:32
looked at ten-year bonds, you00:07:34
say their yield is 12% And I00:07:36
looked there, the yield is there, there’s a coupon,00:07:39
I say, don’t confuse flies and cutlets,00:07:42
7% What does this mean in terms of yield,00:07:45
what does this mean if our00:07:47
par value of the bond does not change and the price of the bonds00:07:50
is equal to the face value of the bonds.00:07:53
What does this mean? The face value is unchanged; the coupon is00:07:55
not changed; the circulation period is not changed. This00:07:58
means that if we have a00:07:59
7% coupon, then with a face value of00:08:02
1,000 rubles. We receive a total of00:08:05
70 rubles of00:08:08
coupons per00:08:09
year, as a rule, this two payments, that is,00:08:12
divided by00:08:13
two, it turns out twice a year,00:08:16
35 rubles of coupon00:08:19
income are paid, that's what we get, we get a00:08:22
cash flow of 70 rubles for00:08:26
each purchased bond with a face00:08:28
value of thousands. In which case does our00:08:30
yield change from 7% to 12 and Here00:08:33
the question arises: How does this00:08:34
yield change? And it changes in the following00:08:36
way: the price of the bond changes. That00:08:39
is, the bond, if you look, the00:08:41
price is indicated as a percentage of the face value,00:08:44
that is, these bonds are traded as a00:08:46
percentage of the face value, and the current price of00:08:50
this bond that was issued 300:08:52
years ago with a coupon of 7%, its current price00:08:55
is 70% of the face value or 700 rubles.00:09:01
What does this tell us? This tells us00:09:03
that if we come to00:09:06
the market right now, we buy an asset with a nominal00:09:10
value of 1,000 rubles for 700 and for these 70000:09:13
rubles every year we we get 70 rubles of coupon,00:09:17
that is, 70 rubles we get a cash00:09:20
flow of 70,700, this turns out to be00:09:24
10%, again, and the yield is 12, where did00:09:28
it come from? 2%, a00:09:30
logical question arises, but the fact is00:09:32
that there are 8 years left until the maturity of this bond.00:09:34
We have 8 years left until00:09:37
maturity bonds and after these 8 years00:09:40
we will be paid 1,000 rubles for each00:09:43
bond that we bought for 700 That00:09:44
is, for another 8 years we receive 30000:09:48
rubles in income due to price changes, this00:09:52
gives us 42 and00:09:58
85%00:10:00
4285 8 years we received 70 each00:10:10
rubles, that is, we received about00:10:15
560 rubles of coupon income; we received 30000:10:20
rubles in payment at par. That is,00:10:22
it turns out to be 560 p00:10:25
300,860 rubles.00:10:28
We received 860 rubles in 8 years, plus00:10:33
we can reinvest the coupon, that is,00:10:34
when we received the next 35 rubles,00:10:38
for example, we bought more than one bond, but00:10:40
I don’t know, there are 100 bonds, we can00:10:41
reinvest these bonds again by buying00:10:43
these bonds, this is how00:10:45
we get the difference between the coupon and00:10:47
the yield, it is determined primarily by00:10:50
the price at which we buy. That00:10:54
is, how much we buy the asset for. What00:10:57
will be its par value And00:11:00
what is the one hundred percent par value00:11:02
The value of the coupon income is brought to us by this00:11:03
asset. This is the formula for the00:11:05
second point, people say in the00:11:08
same comments Yes, they say that00:11:10
Damn, wait 10 years for it to00:11:12
rise to par, I don’t want to do that,00:11:15
it’s not interesting, I’d rather put the00:11:17
money in a bank deposit but the point is00:11:19
that the yield on bonds00:11:23
depends on what the cost of00:11:24
money is in the economy and now, for example,00:11:26
the cost of money is 15%, the yield on bonds is00:11:29
12%, respectively, if or when the00:11:32
Central Bank begins to reduce the00:11:34
interest rate, that is, target00:11:37
and increase inflation in the region of four00:11:39
in the short term the interest rate00:11:41
will contain inflation, inflation will begin to00:11:43
slow down directly, and in this00:11:45
case it turns out that the Central Bank00:11:46
will cut the rate. If you00:11:48
look at the graph of the Central00:11:50
Bank rate, you can see what happens00:11:53
when inflation gets out of control. The00:11:54
Central Bank sharply increases the00:11:56
interest rate to 20%. increase00:11:58
the decision and then when it becomes00:12:00
some kind of controlled process,00:12:02
inflation begins to slow down. Why is00:12:04
inflation slowing down? The Central Bank raised the00:12:06
interest rate, people stopped spending,00:12:08
people took money into bank00:12:09
deposits because they are profitable,00:12:11
consumption decreased, people stopped00:12:14
buying, and accordingly, inflation00:12:16
decreased. Yes, and then the Central Bank00:12:18
quickly enough reduces Look00:12:20
at the chart again Yes, we see this as00:12:22
soon as inflationary pressure begins,00:12:24
primarily associated with the rise in the00:12:26
dollar exchange rate, the Central Bank sharply00:12:27
increases the interest rate within00:12:29
six months Yes, it then reduces it00:12:31
by almost half Why am I talking about this00:12:34
if suppose that I go into00:12:36
the bond that we looked at00:12:38
before, once again we00:12:40
get 1000%00:12:44
face value, 7%00:12:48
coupon, I buy this bond for 70% of the00:12:53
face value for 700 rubles and, accordingly, the00:12:56
person says to get not the entire00:12:58
yield to maturity, which00:13:00
shows 12% about which you are00:13:02
talking about, Maxim, I need to wait 8 years, I do00:13:04
n’t want to wait 8 years, I make a hypothesis that in the00:13:07
next 3 years the Central Bank00:13:09
will lower the interest rate, for example, to 6%,00:13:13
that is, the Central Bank rate from 15% will decrease to00:13:18
6%, then we should decrease and00:13:20
bond yield What does a decrease in00:13:23
bond yield mean? This means that a00:13:24
coupon of 7% is 70 rubles. Yes, 1000% of00:13:28
the face value. That is, we get a00:13:30
proportion that we directly need00:13:31
to decide what the value of my00:13:33
bond will be if its yield00:13:37
drops to 6%. We consider Yes we get00:13:41
70 rubles - this is00:13:44
4%00:13:45
X this is00:13:48
100% from here it turns out X is equal to no more00:13:54
about but00:13:57
it turns out that we must do we00:14:01
must 7.000 Section for 6 1166 rubles and this00:14:06
can happen in 3 years Well, that is, we00:14:09
determine that let’s say 3 years00:14:11
will be required in order for this to00:14:12
come in 3 years, the size of the coupons is 70 rubles00:14:16
multiplied by 3 years, it turns out to be 210 rubles,00:14:21
this is how the coupon income was bought at 700 rubles,00:14:25
the bond costs 116, so it turns out00:14:30
66 and00:14:32
700,46600:14:35
rubles, the total00:14:38
return is 676 rubles for 3 years, divided by 300:14:43
years and divide by 700 we get about00:14:47
32%, that is, on average we will receive 32% per year00:14:51
from this kind of transaction. You can00:14:53
try to make a replacement. Yes, and let’s say00:14:56
what happens if it’s 1%, that is, the income is00:14:59
not from00:15:01
6% to00:15:04
5% here 5 here 5 turns out Here00:15:11
we have00:15:13
1400 here we have00:15:16
1400 here we have00:15:19
700 here we have 91000:15:25
910 3 we get 3 and divide by 700 4333 And00:15:32
if you reinvest the received coupon And00:15:34
if you also use an individual00:15:35
investment account, a tax deduction of00:15:37
type A, which you can also open an00:15:39
investment account account and take advantage of00:15:42
this tax benefit in the next 300:15:45
years, what will be the final yield00:15:47
on bonds and here one00:15:49
question arises, yes, I can hear00:15:51
the comments flying now. And who told you that in00:15:53
3 years there will be inflation, we will now be crushed by00:15:56
sanctions, inflation will be even higher,00:15:58
accordingly, this arises here question Yes,00:16:01
as an example Yes, what00:16:02
reasons can be given for inflation, we have00:16:04
already looked at it several times,00:16:06
including the exchange rate, that is, what00:16:08
will be the level of the exchange rate and this is a00:16:10
separate, very big story, we’ll talk00:16:12
about this in the next video, we’ll talk00:16:15
about why the next one is there Well,00:16:18
that is, until 20262, investments even00:16:22
in the Russian stock market are00:16:24
interesting, attractive,00:16:25
promising, and it probably makes00:16:27
sense to develop a strategy for at least the00:16:29
next 12 months, so be sure to00:16:32
subscribe to the channel And in turn00:16:34
If you want to understand bonds00:16:36
If you want to get a list bonds00:16:39
from our experts which we,00:16:43
based on this outlined scheme, are00:16:45
now currently including in00:16:46
the portfolio that you can00:16:49
open a brokerage account right now an individual00:16:51
investment account and the question arises00:16:53
Which bonds to buy I gave you an00:16:55
example now with Federal00:16:57
loan bonds if we now we are talking about00:17:02
bonds with high credit quality,00:17:04
their yield is not 12% Yes, but00:17:08
then on the horizon in 3 years you can get a00:17:10
yield in the region of 16-17 pro and it is00:17:13
these bonds that we select, we evaluate00:17:16
their credit quality and give a list00:17:19
that you can get master -class is00:17:21
absolutely free link to it in the00:17:23
description of this video, go00:17:25
take it Use it by implementing This is a question00:17:28
about the fact that all the money needs to be sent according to this00:17:29
scheme, this is a question about what you00:17:33
can get This is some kind of00:17:34
alternative profitability What does an00:17:36
alternative profitability of 210 rubles mean?00:17:39
we have here the key assumption00:17:41
in this whole scheme Yes is that the00:17:44
Central Bank should reduce the00:17:45
interest rate from 15 to five Now00:17:48
when you get this formula,00:17:51
ceteris paribus, you can always00:17:52
fall short of 7% here, you will have a00:17:57
movement in the price of the bond the yield will00:17:59
fall the bond will rise in price this is an00:18:01
additional profit No one thinks about it at all,00:18:04
that is, people look at what00:18:06
we look at the coupon, but the fact is that when00:18:08
monetary policy softens00:18:10
If you place money on a bank00:18:12
deposit, all you get from you00:18:13
will run out of high-yield bank00:18:15
deposit and the bank will tell you everything for the00:18:19
next period you will not receive less profit00:18:22
when you buy a bond,00:18:25
first of all, you fix the yield for yourself for00:18:27
at least 8 years 12% per annum00:18:29
and no bank will give you such a00:18:31
yield they will give you 14% maybe00:18:34
somewhere in an exclusive they will give 15% but for a year for a00:18:37
maximum not for 12 years and then00:18:40
the question arises what do you choose for yourself 15% for00:18:42
one year the next year 10% And after another00:18:45
year 5% or you will fix the profitability for yourself00:18:48
from 12 % for 8 years, what you choose00:18:51
here, too, everyone determines for himself.00:18:54
Now they are unlikely to enter the market with00:18:56
bonds, that is, because you need to00:18:57
understand that borrowers and bond issuers are00:19:00
not fools either, that is, enter the00:19:02
market Yes, when the refinancing rate is00:19:04
15% That is, if these are large borrowers I00:19:07
don’t know there Sberbank VTB banks00:19:09
any question arises Why should they00:19:11
now issue bonds and take on00:19:14
obligations that he issues00:19:16
bonds Even if it’s for 3 years for00:19:18
5 years with a coupon there 12-15 about it’s expensive00:19:23
They are They understand very well that this is a00:19:24
temporary phenomenon, so most likely there00:19:27
will be no new ones in the issue of bonds. Many people00:19:30
use this story. Yes, they use it in00:19:33
what way, not right now, but00:19:35
use it when they reduce the interest00:19:37
rate, that is, borrowers can00:19:41
redeem their own debt accordingly with free funds,00:19:43
if, for example, I borrower and I00:19:45
have money. That is, in fact, what00:19:47
happens is that I can buy my own debt00:19:50
from the market at a 30% discount. Yes, I will00:19:52
give the money, that is, even if I00:19:54
hold Remo bonds myself. Yes, I will give the00:19:56
money, then I will essentially give it to myself.00:19:58
that is, I will give all this profit to00:20:00
myself and pay myself directly, and00:20:02
therefore it turns out that now reliable00:20:04
borrowers most likely will not00:20:06
issue bonds because it is expensive and00:20:08
this is the movement, it is the00:20:10
bond yield, it is provided by the secondary00:20:12
market and the entire change in yield00:20:14
is determined solely by in the00:20:17
previous slide00:20:18
said percentage, that is, how many percent00:20:21
of the face value the bond is traded, the difference00:20:25
lies in the financial position of the00:20:27
financial stability of the company, that is,00:20:29
what is the level of debt What is the operating00:20:31
profit What is the net profit how much does the00:20:33
ratio of the company's debt relate to00:20:36
its revenue with its net profit00:20:39
relates to how How does it relate to00:20:41
what the share of short-term liabilities00:20:43
that needs to be repaid within a year,00:20:45
what is the share of long-term liabilities00:20:47
that need to be repaid in more than00:20:49
12 months? Based on this, the00:20:52
financial stability of the company is determined so00:20:54
that we kind of evaluate Yes, if the company00:20:55
is in debt and conditionally its size for a long time is00:20:59
dev times there more than it00:21:01
earns per year, but this is an unreliable00:21:03
company, yes, that is, the risks are quite00:21:05
high. What will happen if the situation00:21:07
changes there? What will happen if the company does not00:21:09
earn net profit? where will it get the money?00:21:11
She will be forced to00:21:13
refinance; if the time comes to00:21:15
repay the current bonds, she will be00:21:17
forced refinance at a high00:21:20
interest rate And this will lead to an even00:21:22
greater increase in debt Well, even if you00:21:24
give an example Yes, for example, a person’s00:21:28
payment there is 100,000 rubles per month, that is,00:21:29
1.2 He earns a year and it’s one thing00:21:32
when your total loan amount00:21:34
is a million rubles and equals there00:21:36
for example, there is your annual income and00:21:38
it’s another matter when you have a loan of00:21:41
10 million or you took out a mortgage for an apartment00:21:43
worth 20 million and then00:21:46
the question arises Who is more stable That is, if I am a00:21:48
lender to such a company two people come to me00:21:50
One says I ask00:21:52
How much is the salary 100,000 How much do you have00:21:54
100,000 Yeah How much is your current00:21:56
Debt load 1.00 Good And00:21:58
what is your Debt load And I have a00:22:00
Debt load I have an apartment with a00:22:01
mortgage and the mortgage is 10 million and00:22:04
I need to decide Who to give it to, in principle,00:22:07
maybe theoretically this But I00:22:09
understand that the apartment already mortgaged00:22:11
there is already a loan load and they have a00:22:13
comparable level of income and then I00:22:15
wonder if I need it. I’m00:22:17
probably better off. I’ll give it to this one and this is00:22:19
exactly the question. Yes, when we select00:22:22
lists of bonds, this is where we sit. We00:22:24
look. Yes, this one the company has a00:22:26
certain level of income, a loan00:22:28
load, and this company has00:22:30
this person whose workload is 10, he is00:22:33
forced for me to come to him after all,00:22:36
I will come to him and say Listen, buddy, well,00:22:38
your risks are very high, so00:22:40
I’ll give you a conditional 20% interest rate. gdh And I00:22:43
agree to give you 15% per annum because00:22:46
I understand that here the risk is less and I00:22:48
can give you 3 years. And I’ll only00:22:50
give you for a year. Who knows what00:22:51
will happen to you in a year especially. What00:22:53
will happen to your income? so00:22:55
this is roughly what happens in the00:23:05
N marketDescription:
📢 Как создать устойчивую инвестиционную стратегию в непростое время? https://maksim-petrov.com/defense_portfolio Всем привет! C вами Максим Петров Добро пожаловать на канал выгодных инвестиций MaxCapital Я понимаю, что тема облигаций многим набила оскомину, но всё же поделюсь с вами инструментами работы с этим прекрасным активом. А ещё я настоятельно рекомендую инвестировать в российский фондовый рынок вплоть до 2026 года — почему? И как это грамотно сделать? Скорее смотрите выпуск. Обсудим: 🖋️Как работать с облигациями? 🖋️Формула доходности облигаций 🖋️Альтернативная доходность Подписывайтесь на канал, чтобы получать самую актуальную информацию об инвестициях. 👍Не забудьте поставить лайк, если видео было полезным! 00:00 — Работа с облигациями 02:27 — Как работать с облигациями? 08:30 — Формула доходности 11:05 — ЦБ, ключевая ставка и альтернативная доходность 20:26 — Хорошие и плохие заёмщики 22:57 — Успехов! 🔴 Будьте бдительны! Остерегайтесь мошенников! 📲 Все оригинальные контакты представлены ниже: 🔹 Подписывайтесь на канал: https://www.youtube.com/@max.capital 🔹 Вконтакте: https://vk.com/publicmaxcapital 🔹 Telegram: https://t.me/MaxsimPetrov 🟧 Яндекс Дзен: https://dzen.ru/id/6237473fd0305c7ab3c8e43e 🎦 Сделано командой "Видеопродакшн студия Николая Велижанина" https://velizhanin.com/ 🎦 Для коммерческих запросов писать на почту [email protected]
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