Rus News Journal

To creditors give green light

the Ministry of Finance prepares for an exit on foreign markets

the Ministry of Finance it was defined with a choice of investment banks - organizers of the future release of eurobonds. Roughly by March Barclays Capital, Credit Suisse, Citibank and “ VTB the Capital “ expect to lower a spread on papers on tens basic points in comparison with today`s level of profitableness of the Russian papers. At the same time experts notice that the Ministry of Finance conducts preparation for the scenario when the prices for oil will sharply go downwards. Now, according to analysts to hurry up to borrow it is not necessary.

On Friday the Ministry of Finance on an official site declared organizers of forthcoming placing of eurobonds. As zamglavy the ministries Dmitry Pankin later has explained, the choice on them has fallen thanking their aggressive strategy of placing of eurobonds. “ one group of banks offered spreads in 160-180 basic points. It is present level of profitableness on the Russian papers. Others said that it is possible to lower a spread on tens basic points “ - quotes g - on Pankina.

Further place eurobonds other banks can also. The choice of organizers will depend on placings of the first tranche. “ tranches there will be more than one. Technical work will come to the end within two months “ - has noted the deputy minister. While the rough volume of the first placing 3-5 mlrd dollars the Ministry of Finance will offer Investment banks commission fee - 5 basic points from placing volume.

“ the sight will be for rather big terms of loan­, but total amount it will be essential below planned 17,8 mlrd dollars In a reality from 5 mlrd to 10 mlrd dollars in 2010 “ - group economist Dojche of Bank Yaroslav Lisovolik considers.

after a ten years` break Russia plans the First exit for a foreign market in March, and with carrying out road - show and attraction of a wide range of investors. “ Many said to us that it is possible to take place without road - show, but all is more correct - taki to spend. Our problem - to spend certain marketing, to meet investors, to explain them advantage of Russia, than we differ from Greece and Portugal that our budgets and macroeconomic it is better, than at many countries with a comparable rating “ - Dmitry Pankin explains. The Ministry of Finance intends to involve as much as possible investors, and not only large funds, but also private investors from the Asian countries.

the purposes of placing of eurobonds still are not clear. “ now it is possible not to hurry up and wait to the middle of year “ - the group economist of Alpha bank Natalia Orlova marks. In its opinion, the Ministry of Finance prepares for the possible scenario of falling of the prices for oil, especially this year when the Reserve fund will be settled. “ The prices for oil can grow, and these means will invest in exchequer obligations of the USA, for this purpose it is not necessary to enter the market of eurobonds. Now we see preparation for the scenario that such succession of events is possible “ - considers g - zha Orlova.