Rus News Journal

The Ministry of Finance in Europe have filled up with roubles

Yesterday has passed prajsing dorazmeshchenija rouble eurobonds of the Ministry of Finance: the book of demands is closed, the emitter will place a debt on 50 mlrd rbl. till 2018 with profitableness of the annual of 7 %. Result of analytics name fine : placed by the Ministry of Finance in a foreign market the internal debt has appeared more cheaply federal loan bond on 0,53 %. Russia occupies during the moment when money to it, as a matter of fact, is not required: by calculations of analysts, the budget of the Russian Federation in April left on real, instead of technical bezdefitsitnost.
According to news agencies referring to sources in financial circles, the volume dorazmeshchenija long rouble eurobonds has made 50 mlrd rbl. at profitableness of 7 % and with repayment term in 2018 (in the afternoon before agency named a reference point of profitableness of 7,125 %, and volume - 40 mlrd rbl., see from May, 19th). The previous tranche has been placed in February, 2011 in volume 40 mlrd rbl. With profitableness of 7,85 % annual, the total amount under plans of the Ministry of Finance should make 80 - 100 mlrd rbl.

Julia Tsepljaeva from BNP Paribas names placing just fine that was promoted in many respects by rouble rise in price. the rouble is more likely underestimated, therefore rouble actives - very popular word among foreign investors. Eurobonds for them more convenient and clear tool, therefore on them great demand - she is convinced. Alexey Devjatov from Uralsiba adds that the Ministry of Finance chooses good enough moment for placing of rouble eurobonds from the point of view of a favorable external conjuncture, the market expects increase of rates in connection with inflation growth. Placing of a rouble debt in a foreign market has appeared for the Ministry of Finance more cheaply on 0,53 %, than on internal: the long-term rate under bonds of an internal federal loan (federal loan bond) for April, 18th - 7,53 % annual.

the majority interrogated Analysts are convinced that dorazmeshchenie rouble eurobonds does not speak a lack of means for budgeted deficit financing. According to the Ministry of Finance, in January - April, 2011 proficiency of the budget has made 134 mlrd rbl. (0,9 % of gross national product) at deficiency 44 mlrd rbl. in April, 2011. By Maxim Oreshkina`s calculations from Credit Agricole, taking into account seasonal prevalence in April, 2011 the federal budget has appeared profitsitnym for the first time from the end of 2008. Recognising that the head of department Alexey Kudrin in May, 2011 has declared that external loans are not planned by the ministry for current year, to sources of a covering of deficiency remain federal loan bond home market (in January - March it is at their expense involved 340,8 mlrd rbl. at the average profitableness from 6,5 to 7,9 %) and reserve fund which did not touch yet. The program on internal loans on the end of March has been executed on 21,2 %, and increase in a pure debt, by estimations Credit Agricole, from December till April has made 420 mlrd rbl. According to mister Devjatova even if the prices for oil by the end will appear to year below $100 for barrel, the budgeted deficit will not exceed 1 % of gross national product.

Sergey Ulatov in the Russian Federation though does not exclude from representation of the World bank that the sense of placing of rouble eurobonds can speak game on depreciation of extra means but as an overall objective of the Ministry of Finance considers long-term positioning of a credit rating for Russian rouble actives. from the point of view of financing of expenses such volume of placing has no value. The Ministry of Finance tries to test tools of development of the international market of a rouble debt - Oleg Solntsev from the Center of the macroeconomic analysis and short-term forecasting agrees.