Rus News Journal

The Moscow housing loan

the Moscow bonds is registered are good for large investors

Work on the organisation of release of the Moscow housing loan which the general manager of the project of Inkombank conducted about two months, has come to the end. The Ministry of Finance has registered the prospectus of issue of housing bonds (registration number 73300027), and their placing will soon begin. A project course watches since November of last year that gives the chance to experts of share group to estimate investment quality of these papers and prospect of their market.

Originally on the open market the bonds of the first tranche which has been let out for the sum 56 mlrd of roubles will arrive. Bonds will be on sale face value, corresponding to cost 0,1 2 which, in turn, will be established by the special interdepartmental commission (we will remind that for repayment of securities the available housing in Mitino, Southern Butovo and Ljublino is allocated). At this course securities will sell both the general manager, and other dealers - the authorised banks of the government of Moscow, and means from sale of bonds will arrive into the special account in Inkombanke. It is necessary to notice that dealers get profit basically at the expense of commission fee and cannot change the price of sale established by the interdepartmental commission. However, banks can redeem bonds at investors (at the price not below 90 % of a current rate of sale) and to receive the additional income of resale of papers.
at the first stage the price 0,1 2 habitation is established at 280 thousand roubles level that approximately on 20 thousand roubles above the market. However, in connection with acceleration of growth of a dollar exchange rate this difference will quickly disappear. Moreover, the emitter undertakes to redeem bonds through a dealer network, and quotations of securities will change time month though the prices for habitation around new buildings change much less often. According to experts, presence of bilateral quotations of bonds (that raises their liquidity) should stimulate their purchase.
to extinguish bonds apartment during 1995 - 96 years their owner can only at accumulation of their certain package (about 400 pieces for reception of one-room apartment). Otherwise the income of the owner of bonds will develop at the expense of a difference between the price of purchase and by sale of a security which are established by the emitter. It, according to experts, is not absolutely correct, as at any moment of the quotation of bonds (especially on purchase) can appear underestimated. Therefore it is possible to assume that wide circulation in the secondary market of the bond of the Moscow housing loan will not have. Though, on the other hand, it is rather probable that the great demand new municipal papers suffices will use at the large organisations - it purchase of bonds will allow not only to solve housing problems of employees, but also to optimise tax payments.