Emitters can occupy more cheaplythe next two months the new technology of placing of bonded loans - without registration of the report on release in Federal Agency of the financial markets (FSFR) will be tested. It will allow bonds to enter the secondary market faster, than at standard procedure. However the emitter has a risk of the preschedule repayment of securities if they it is left kotirovalnye sheets.
on March, 6th FSFR has registered the second release of bonds of Open Company “ the Magnet - Finans “ 100 - percentage affiliated company of a trading network “ the Magnet “. Release in volume 5 mlrd rbl. with term of the reference will be organised five years by investment company “ the Three Dialogue “. Feature of this placing consists that it will pass for the first time with use kotirovalnogo sheet “ In “ Moscow Interbank Stock Exchange stock exchange. Earlier under such scheme Open Society actions " took place only; Rosneft “ Open Society “ System the Tack “ Open Society “ Raspadsky “.
At placing of the securities included in kotirovalnyj sheet “ In “ the emitter has the right to present in FSFR only the notice on release results. Release registration will pass at a stock exchange then securities can freely address in the secondary market. For inclusion of papers of the company in the list “ In “ presence at least one marketmejkera for all term of their stay in kotirovalnom sheet is necessary. Thus during half a year after inclusion of securities in this sheet they should pass in another kotirovalnyj sheet (“ À1 “ “ À2 “ or “ “) .
As the director of management of the market of primary placings of investment company " has declared; the Three Dialogue “ Dmitry Sredin, placing is planned through 1,5 - 2 months. Thus, as he said, in the prospectus to declare fixed the right of the emitter about the repayment of bonds at the price of 100 % from face value in one and a half year, and investors will be obliged these bonds to show to the repayment (so-called call - an option).
Now the secondary auctions by bonds begin through one - two months after their placing, and month from this term is taken away on registration of the report on release results in FSFR. The new technology should accelerate an exit of securities on the secondary market and, accordingly, to reduce the price for emitters of cost of loans. “ if the auctions by bonds begin in a week after their placing, instead of in one and a half month the award which the emitter to investors pays, will be reduced “ - the head of department investitsionno - bank operations Rajffajzenbanka Nikita Patrahin has noted. The interrogated experts of the debt market estimate its all in 5 - 10 basic points from size of fair profitableness. At existing rules of placing, according to the chief of debt management of bank “ the Union “ Michael Avtuhova, this year it made 20 - 70 basic points.
however, participants of the market notice that board of directors FB of the Moscow Interbank Stock Exchange which should register the report of the emitter, sits all once a month. “ at desire FB the Moscow Interbank Stock Exchange can consider the report on placing the whole month that not strongly differs from time of registration of the report in FSFR “ - mister Avtuhov has told. Mister Patrahin estimates this term in two weeks. “ I do not think that we can register releases for five days as some participants of the market believe, - the assistant to general director FB has declared the Moscow Interbank Stock Exchange Gennady Margolit. - But if the emitter gives all registration documents in time, we will keep within seven - ten days “. Thus the analyst of Bank of Moscow Egor Fedorov notices that the stock exchange will not work as gift - for optimisation of time of passage of the report through a stock exchange the certain rate will be established. Besides, the emitter it will be inevitable to spend additional means for the contract with marketmejkerom for maintenance of rigid quotations. And though, according to mister Sredina, now services marketmejkerstva for the emitter are free, with increase in number of releases and loading growth on marketmejkerov the emitter can have additional article of expenses.
experts of the debt market specify and in additional risk for emitters at sheet use “ In “. In a case delistinga, that is a conclusion of securities from kotirovalnyh sheets and their hit in number extralist, investors acquire the right to show to the bond to preschedule repayment. And fastest it can happen, if during half a year after their inclusion in the list “ In “ bonds will not pass in another kotirovalnyj sheet. However while a situation for emitters rather preferential. To provide hit of securities in sheet “ “ the volume of transactions should make all 500 thousand rbl. a month. However, as mister Patrahin, " marks; requirements to inclusion of papers of emitters in kotirovalnye sheets of stock exchanges constantly raise, and there is no confidence that rules which are applied now, will remain and in the future “.
However, experts of the debt market highly appreciate prospects of new sector. According to mister Avtuhova, in it can pass “ to 90 % from current volume of the market “. Thus Feodor`s mister specifies that there “ the first class borrowers who are not afraid can go that their bonds become extralist papers “. Taking into account that last year the volume of placing of corporate bonds has made 480 mlrd rbl., and not less than thirds of it were made by high quality borrowers (with a high credit rating or whose papers enter in kotirovalnye sheets), the placing volume under the new scheme can be estimated less than in 200 mlrd rbl.