Let out corporate bonds
the Central Bank and Federal Commission on Securities have started working out of the financial tool new to Russia - corporate bonds. As the vice-president of the Central Bank Andrey Kozlov has declared, these papers can already appear in the Russian stock market in September of this year.
Practice of release of corporate bonds widespread all over the world. The majority of large foreign corporations are emitters of such papers. In Russia there is a market of the papers which are actually carrying out functions of corporate bonds. Bills of the large companies, such as the Russian Open Society " Mean; Gazprom “. However to involve investments in a similar way the known and solid enterprises can only. The matter is that at release of bills it is not required to registration in state structures, and the trust to these papers is defined only by reputation of the drawer. At release of bonds the issue prospectus is registered.
as has declared yesterday at a forum “ New Russia “ Andrey Kozlov, release of the new financial tool will be favourable first of all to borrowers as will allow to fill up working capital and to lift manufacture. “ to involve means by means of release of bonds it is cheaper and more convenient, than to take credits “ - he has told.
however there is no confidence that the enterprises will meet this project. It is more favourable to known emitters to continue release of bills as, on the one hand, on them there is a good demand, and with another - it is not necessary to pay taxes and to register prospectuses of issues. Thus, the little-known firms which bills are not in demand should show the greatest interest to this project.
Nevertheless the project is in a stage of active working out. Many details are not co-ordinated yet while there are no the standard documents regulating an order of release of corporate bonds. The most important problem, according to the vice-president of the Central Bank, consists in registration of the property rights. However “ release of papers in the paperless form will allow to solve this problem “ - Andrey Kozlov has told.
as he said, now over the concept depozitarnoj activity on new papers economists of the Central Bank of the Russian Federation and Federal Commission on Securities in common work. The report on the first results of this work can be ready by next week and will be presented the first vitse - to prime minister Anatoly Chubays.
Andrey Kozlov is assured that, having experience and the developed infrastructure of the market of state credit obligations - federal loan bond, to provide the reference similar to them on parametres of short-term corporate bonds will not make especial work.
It is supposed that at first in the market there will be papers no more than ten largest Russian emitters, and by next year the number of emitters can increase to 200 and more. Negotiations on the organisation of the secondary reference of corporate bonds are already conducted from the Moscow Interbank Stock Exchange.
because to the new financial tool foreign investors have already shown interest, the question on the possible admission on the market of these papers of non-residents under the same scheme, as on the market of state credit obligations - federal loan bond is considered.
SERGEY - TJAGAJ