Rus News Journal

Strangers here do not build

Ministry of Economics in amendments to the law " About a securities market " suggests to strengthen popularity of the future infrastructural bonds, while only let out in frameworks kontsessionnyh agreements. Besides idea to give to a state guarantee only to younger tranches of such papers the project contains plans of enough free re-structuring of releases and limiting restriction of the rights of medium-sized owners of papers. Infrastructural bonds in such kind will exclusively the market for state or okologosudarstvennyh investors, another`s on it do not wait.
department of an investment policy and development it is private - the state partnership of Ministry of Economics has published the project of amendments to the federal law " About a securities market " which changes a reference order in the market at least parts of the future infrastructural bonds, and also the rights and possibilities of investors on management of such papers. It is a question of bonds kontsessionerov in infrastructural concessions: the Ministry of Economics offers for them a special order of the regulation called, according to department, to increase their appeal to investors.

the substantiation of necessity of new regulation in the description of Ministry of Economics is inconsistent enough. In the explanatory note to the bill (it is hung out on a site of department within the limits of anticorruption examination) it is noted: " a deterioration of fixed capital " transport, power, housing - a municipal and social infrastructure interferes " to acceleration of development of economy " and amendments to the legislation on infrastructural bonds are just aimed at attraction of investments into branches. But there and then department notices: " the basic restrictions " constraining attraction of investment resources, " are connected first of all not with regulation lacks, and with business factors ". Moreover, describing a regulation subject, authors of the document ascertain: definitions of infrastructural bonds in the legislation are not present from - for " complexities of legislative definition of concept " an infrastructure " ". But to correct in the ministry offer state regulation of the market of an infrastructural debt, having limited let out according to the law " About kontsessionnyh agreements " bonds kontsessionera.

we Will remind, for such papers FSFR has already established a number of the privileges, called to lower risks on them and to cut down expenses on placing. So, bonds kontsessionera join in kotirovalnye lists in the simplified order and on the same bases, as the bonds provided with state guarantees. However it agree to the data resulted in the explanatory note while the total volume of release of such papers (with terms of the reference from 1 till 20 years) in the Russian Federation makes only 19,7 mlrd rbl. To expand the market in Ministry of Economics offer at the expense of a subordination of releases of bonds kontsessionera by release of bonds with the different rights and distributions of possible state support of releases only on the bond of a younger tranche (with the smaller rights) that will allow the senior tranche to receive higher credit rating without participation of the state finance; developers refer thus to experience of EU Project Bond Initiative.

However, kontsessionerov the ministry suggests to expand support obviously at the expense of investors: emissioneru bonds it is offered to give the simplified possibility of re-structuring of a debt, this measure is proved by long term kontsessionnyh bonds and that " during the given term there can come the various circumstances leading to necessity " such revision. In this connection the Ministry of Economics suggests to fix in FZ " About a securities market " Re-structuring legal mechanisms (general meeting of owners of bonds and the representative of owners of bonds). Procedure of acceptance of joint decisions, according to department, should be established by the decision on release of bonds.

It is supposed that the decisions accepted by the majority of owners, will be obligatory for all (including not voting or voting against). Also on behalf of owners their representative chosen or specified in the issue documentation (then owners can replace it) can operate. Thus the Ministry of Economics insists and on necessity (in the presence of such representative) to deprive of separate owners " the rights to carry out the responsibility delegated to its " if it carries out them " properly " (an establishment order " an inadequate image " also should be fixed in issue documents).

we Will notice that restriction in the rights of potential buyers of bonds kontsessionerov in the open market in favour of large holders and their representative appointed the emitter, despite explanations of Ministry of Economics, is not similar in any way to the attraction tool " investment resources in long-term projects ". The mechanism of the representative, considering plans of the State Banks on active participation in placings of infrastructural papers as it is impossible is easier allows to block possibility of influence of any owner of such papers on a policy emissionera, as well as on process of re-structuring of a debt, it is obvious that the rights of the private owner of infrastructural bonds will the rights of owners of usual bonds are protected essentially less, than. But the initiative of department speaks existing plans of the government in a direction in infrastructural bonds of money of pension accumulation is much better.

provided with amendments to FZ " About a securities market " The aprioristic disfranchisement of foreign holders guarantees their absence in the market. To agree among themselves investor veb (the managing director of a memory component of pension means) and kontsessionery (now in the majority builders of roads) can without participation of strangers. While amendments concern exclusively kontsessionnyh infrastructural bonds, but at occurrence of other papers of this type of the offer on state regulation of this market in such a way also mnogoverojatny. However, already at the first discussion of the mechanism in 2007 - it was obvious 2008 that infrastructural bonds are assumed by authors of this idea exclusively as a way of attraction in projects state and quasistate, instead of private means.