Bonds from inflationYesterday the Ministry of Finance has issued the order on release of new Russian bonds
Bonds from inflation
Yesterday the Ministry of Finance has issued the order on release of new Russian bonds of a savings loan. The first such bonds will be let out within the next weeks, and the total amount of their issue till the end of the year will make 5 mlrd roubles.
Savings bonds have initially been focused on the population. This financial tool has appeared so convenient (the cash form, the preferential taxation, the simplified account) that it began to use actively and legal bodies. However in the last two days the bond market of a savings loan has actually stopped existence in connection with disappearance of bonds - the Ministry of Finance regularly extinguished these papers, but did not emit the new. In a week, on July, 14th, the Ministry of Finance will extinguish last release of bonds of the state savings loan (OGSZ).
Participants of the market bombarded for a long time the Ministry of Finance requests to renew release of similar papers. And here have achieved the. On July, 20th the Ministry of Finance will spend auction on placing OGSZ 30 - j series. Term of the reference of a new paper - 1 year. Coupons semi-annual, the rate on them will be adhered to a rate of inflation.
earlier the coupon on OGSZ became attached to the rate of three-monthly releases of state credit obligations. Now the Ministry of Finance is guided by inflation: profitableness of new papers will be defined according to Goskomstat about growth of consumer prices for the last half a year. To this level some extra charge will be established: According to the chief of department of management of an internal debt of the Ministry of Finance of Bella Zlatkis, for the new bond the first coupon is established in 11 % from face value (9,5 % of inflation; 1,5 % of the extra charge).
According to the group economist of department of resource regulation Mezhprombanka Sergey Karetko, savings bonds will be again attractive enough financial tool. Risks are minimum - on these papers even after a default the Ministry of Finance paid completely and without delays. Besides, the coupon taxation is made under the preferential rate in 15 %. And under any conditions of placing profitableness on new papers will be commensurable with profitableness of deposits in commercial banks that is important for physical persons. However, in other bank have declared that with release of bonds have obviously tightened also special success at their placing it is not necessary to wait. Yes, interest to papers is: participants of the market are ready to lay out on 10 - 30 million roubles. However before investment crisis reached 50 - 70 million roubles. It will be possible to judge the size of a potential demand on profitableness at placing OGSZ.
According to the operators, profitableness at level 20 - 22 % annual (above, than profitableness under Savings Bank bills, but more low, than under bills " would be the most attractive; Gazprom “). At the same time operators are afraid of aggressive actions at auction of the Savings Bank (before he redeemed to half of placed releases) - then profitableness can make only 18 % annual that will arrange not all. By the way, (18 - 19 % annual) are guided by such profitableness in the Ministry of Finance where count that new papers in the conditions of deficiency of financial tools in the market will be in demand.
DMITRY - LADYGIN