The Russian banks come back to Europebehind money
Yesterday Gazprombank declared the beginning of placing of eurobonds in volume in 200 million euro. It is the first exit of the Russian bank on this market after crisis of 1998.
before eurobond crisis had time to let out Alpha bank, “ the Russian credit “ ONEXIMBANK and “ SBS - Agro “. Without changing initial conditions of repayment, on the papers the Alpha bank has paid off only, and now in the market of eurobonds of the Russian banks is not present. However it is interesting that since last release of eurobonds by the Russian banks the technical scheme has not changed. As before, eurobonds are let out by the affiliated company of bank registered in Holland, and the Russian bank acts as the guarantor of this release. In a case with Gazprombank such company became Gazinvest Finance B V.
According to the vice-president of Gazprombank Alexander Sobolja, now the bank spends demands acceptance from potential investors which will last to 12 - on December, 13th. Right after it the price of placing of papers and profitableness of the semi-annual coupon will be declared. In Gazprombank count that the income rate will be less than 10 % annual. Besides, according to Alexander Sobolja, the program co-ordinated about a lead - the manager of release Deutsche Bank, provides loans on 300 million euro. But the following release of papers can be nominated and in other currencies, and on other conditions: for example, the coupon rate can be adhered to LIBOR, instead of to be fixed, as at spent placing.
the majority of the interrogated bankers consider that in the near future cannot start release of eurobonds. “ nobody will give to us “ - expressively summarised the vice-president of large Russian bank. After all at release of eurobonds how the bank behaved under obligations to foreign banks in crisis will be obligatory to be considered. And brag of full settlement of a problem of the same forward contracts few Russian banks can.
as to release of eurobonds by Gazprombank investors, undoubtedly, consider that money is occupied with affiliated structure “ Gazprom “. However as a whole bankers estimate release of eurobonds of Gazprombank as certainly positive event as after that exit prospects on the market of eurobonds and other Russian banks improve.
ALEXANDER - SEMENOV