Rus News Journal

The market of a rouble debt: optimism of investors has died away

During a week (9 - on August, 13th) optimism of investors in the market of rouble bonds has died away and was replaced by expectations in intermediate term prospect of correction in the absence of potential for growth continuation, mark in Promsvjazbanke. Meanwhile, support to quotations was rendered by an internal conjuncture - surplus of rouble liquidity and low rates MBK).

From - for pessimistic moods in foreign markets the long end of federal loan bond has most of all suffered. In corporate papers appreciable enough decrease on the increased turns of the auctions it was possible to observe on long release Gazprom - 11, Gazprom - 13, Gazprom oil - 3. In the second echelon sales in releases " were observed; Bashnefti “ long series ALROSA (Alrosa - 23), and also releases SUEKa and “ a Mechel “ (Mechel BO - 2), mark in Gazprombank.

as a result, as of August, 13th 2010γ. Value of a price index of corporate bonds CBI CP in comparison with value for August, 6th has decreased on 0,03 items of the item and has made 96 points. The index of municipal bonds MBI CP has fallen on 0,1 items of the item - to 100,07 points. The index of state papers RGBI has grown on 1,65 items of the item and was closed on a mark 132,67 points.

the basic events were developed in the primary market. So, on FB the Moscow Interbank Stock Exchange “ RTK - Leasing “ has completely placed release of exchange bonds in volume 1,5 mlrd rbl. Demand for exchange bonds of Open Society “ RTK - Leasing “ series BO - 01 has made 1,8 mlrd rbl. By results of formation of the book of demands the rate of the first 2 - h coupons has been established at a rate of 12,00 % annual that is average value of initially planned range of 11,5 % - 12,5 %. In the demands submitted investors during gathering, rates of the first coupon in a range from 11 % to 12 % annual have been specified. In total during competition by investors 32 demands have been submitted. As the organizer of placing Promsvjazbank has acted.

Besides, Open Society “ Agency on re-structuring of mortgage housing credits “ has placed bonds of a series 01 on 1,2 mlrd rbl. Placing it was carried out by gathering of address demands at the fixed price and the rate of the first coupon. The rate of the first coupon has been established at level of the annual of 3 %. The amortisation structure of release with two variants of repayment is provided: 60 % of a face-value on December, 20th 2020γ. And 40 % of a face-value on December, 20th 2021γ. In case of acceptance by the authorised body of the emitter of the decision on preschedule repayment of bonds, or 60 % of a face-value on December, 20th 2021γ. And 40 % of a face-value on December, 20th 2022γ. In case of acceptance by the authorised body of the emitter of the decision on preschedule repayment of bonds.

in the primary market placing of papers " has come to the end; transkreditbanka “ for the sum 3 mlrd rbl. The rate of the first coupon of bonds of a series 05 is established at a rate of 7,9 % annual that corresponds to the coupon income 39,61 rbl. on one security. In total on release it is provided six semi-annual coupons. The interest rate 2 - 6 - go coupons is equal to the rate 1 - go the coupon.

Open Company “ VTB - Lizing Finans “ has placed bonds of a series in 09 nominal volume 5 mlrd rbl. the Rate 1 - go the coupon has been established by results of competition during placing at level of 6,65 % annual that there correspond to the coupon income 16,58 rbl. on one bond. The rate 2 - 4 - go coupons is equal to the rate 1 - go the coupon. The emitter has placed on an open subscription of 5 million bonds a face-value 1000 rbl. everyone. In total on release 28 quarter coupons are provided. Term of the reference of release makes 7 years, repayment of a face-value of papers is carried out by amortisation payments. Bonds obespechenny Open Society guarantee “ VTB - Leasing “.

the rate of the first coupon of debut bonds of Open Society " Has been defined; TGK - 9 “ for the sum 7 mlrd rbl. By results of gathering of demands the rate of 8,1 % annual is established that there correspond to the coupon income 40,39 rbl. on one bond. The rate 2 - 6 - go coupons is equal to the rate 1 - go the coupon. Upon termination of 6 - go the coupon period to owners of securities the right to demand from the emitter of acquisition of bonds at the price of 100 % from face value is provided. Placing of bonds οπξιδες16 August 2010γ. Placing is carried out by gathering of address demands from buyers on acquisition of bonds at the fixed price and the interest rate of the coupon confirmed by the emitter for the first coupon period.

Analitiki Promsvjazbanka notice that the spread bid/ offer remains wide, and liquidity of releases has a little decreased, especially it is appreciable on papers of the second echelon. From an external positive the strong impulse is necessary for situation normalisation in the market for investors. Unfortunately, lately the statistics of the USA and Europe did not indulge investors that has led to appreciable correction of the oil prices, therefore the tendency of transition of players from long papers in the short can remain.

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