Behind roubles to Russia
Company IFC will occupy 13 billion
the American company IFC in the end of November will place five years` rouble bonds at the Moscow stock exchange on 13 mlrd rbl. is not excluded that IFC will continue the program of loans: at the company also it is registered three tranches of ten years` bonds on 10 mlrd rbl.
by the Organizer of placing of bonds IFC acts Russian “ a daughter “ Citibank. According to the issue prospectus, the corporation is a question of rouble bonds with face value of 10 million rbl. in total amount 13 mlrd rbl. the Main objective of release of bonds names attraction of financial resources for private sector crediting. Besides, IFC can svopirovat the received means in dollar funds with the floating rate and then to invest in emerging markets.
In Citibank and IFC do not open the possible rate of profitableness under bonds and other details of the future placing. However the experts interrogated daily, consider that it is a question about 7 — 8 % of the annual. IFC will be guided by profitableness level under corporate bonds of the first echelon, first of all it is a question of quasisovereign emitters, such as the Russian Railway, FSK and veb, the analyst " is assured; VTB the Capital “ Maxim Korovin.
the Senior analyst Sberbank Investment Research Dmitry Poljakov says that IFC is the reliable borrower (ratings AAA and Aaa under version S &P and Moody ’ s) and its eurobonds nominated in roubles, with repayment in February, 2015 bargain in terms of profitableness with discount in 120 — 130 basic points to profitableness corresponding to federal loan bond. “ IFC can try to take place more cheaply quasisovereign banks (such as veb), also having in circulation long bonds “ — he considers. The operating director of management for work with promissory notes, currencies and the raw markets “ The Capital Renaissance “ Igor Kotljarchuk considers probable placing at federal loan bond level (7,07 %).
This first placing of bonds of the American company in Russia, but, probably, not the last. IFC has registered three more releases of ten years` bonds in total amount 10 mlrd rbl. Participants of the market say that bonds IFC can be interesting to large institutional investors, such as NPF, UK, banks. Also experts consider what to participate in forthcoming placing the foreign investors, wishing to speculate in differences rates between the local market and the market of eurobonds can.
Now at the Moscow stock exchange releases of bonds of four foreign emitters address: Byelorussia, the British European Reconstruction and Development Bank, Kazakh EABR and Canadian Uranium One. The majority of the foreign companies prefers to place bonds in the Russian Federation through Russian “ daughters “.