Bonds "Discovery" do not cause Mikhail Gutseriev "Trust"

NPF Group plans to write off the holding bonds.
Non-state pension funds (NPF) of the Safmar group of the Gutseriev family may, by the end of the year, write off Otkritie Holding bonds belonging to them for almost 20 billion rubles. Thus, by 2018, these APFs are very likely to spread losses to customer accounts. According to experts, this approach is justified: since these results will not stand out against the background of similar losses of a number of colleagues in the shop, who had previously invested in these assets.

NPF Safmar and Trust (owned by Safmar Financial Investments, SFI, and undergoing the merger process) by the end of the year can write off investments in Otkritie Holding bonds. In principle, the decision has been made, but it has not yet been documented, claim several interlocutors of “Kommersant”, close to the funds and their counterparties. The SFI says that “the final decision on the depreciation of these assets has not yet been made, but we plan to decide before the end of the year.” Impaired bonds will remain on the balance of funds.

At the end of the third quarter, investment in these assets was estimated at 19.5 billion rubles, while their market value, based on quotes on the Moscow Stock Exchange, was less than 700 million rubles. The high score was determined by the fact that the securities provided for a ransom of 100% of the nominal value of Binbank, if Otkritie FC (then the main asset of Otkritie Holding) will be introduced a temporary administration (see “Kommersant” dated 1 August).

However, despite the implementation of this condition in August 2017, the offer was not executed. According to the representative of SFI, negotiations on the offer with the Otkritie FC and the Binbank included in its perimeter “did not lead to a positive result”. "In order to protect the interests of the insured persons, we will have to go to court in connection with the failure of Binbank to fulfill its obligations regarding the offer," he said. In Otkritie Holding, Otkritie FC and the Central Bank did not respond to the request from Kommersant.

Otkritie Holding bonds were in the portfolios of NPFs of two more financial groups - Otkritie FC (see “Kommersant” from May 3) and FG “The Future” (see “Kommersant” from July 26) - united by mutual investments. In particular, due to the depreciation of these bonds, the largest private pension funds of Future Future broke up, in 2017, the losses on the accounts of their clients in compulsory pension insurance. The clients of the funds entering the Perimeter of Otkritie FC, then were able to avoid such a fate only thanks to assistance in the amount of 43 billion rubles provided to the bank by the Central Bank. Last year, the Safmar pension funds were able to pass relatively painlessly, charging customers a small income. In 2018, the situation with the funds of the Future and NPF LUKOIL-Garant (in August combined the three funds of Otkritie FC) was repeated. All of them showed a serious loss following the results of three quarters, which may lie on customers' accounts. True, the Central Bank once again assisted its “granddaughter” fund, which “made it possible to compensate for the losses” (see “Kommersant” of November 1).
In the first nine months, the Safmar and Trust funds showed a low result - the profitability from managing pension savings was 2.1% and 0.8% per annum, respectively, with an average market yield of 4.3% per annum. At the same time, a representative of the pension fund SFI in early November, explained such low rates, in particular, investments in assets, which were also among their colleagues in joint investments. One of the interlocutors of “Kommersant” told earlier that, in case of the depreciation of the Otkritie Holding bonds, the NPF Safmar could show a negative yield at the level of 5–6% per annum, which corresponds to the calculations of “Kommersant”. The SFI said they were “not ready to predict a decline in profitability indicators”. “In the most conservative scenario, the depreciation of these assets will not lead to violation of standards, stress tests or other requirements of the regulator,” said a representative of the holding.

The decision to devalue major investments in Otkritie Holding bonds this year looks logical, said Pavel Mitrofanov, managing director of the Expert RA agency, the market is now “playing out unsuccessful investment stories of past years, so it’s better to do this against the background of similar cases and not the best the results of some competitors. "

Otkrytie Holding pays selectively


At the end of last week, Otkritie Holding (OX) partially redeemed its BO-06 issue bonds, according to data published by it. Of the total volume of 25 million securities, 16 million bonds were redeemed at 20% of the nominal. Taking into account the accumulated coupon, the amount of payments amounted to 5.9 billion rubles. In the middle of August 2017, on the eve of the reorganization of Otkritie FC Bank (formerly the main asset of OX), the Trust Bank controlled by him almost completely bought out this bond issue. However, prior to this incident, no significant payments were made on any of the other 14 issues of Otkritie Holding bonds. According to the Safmar Financial Investments holding (SFI), until recently, Trust Bank remained the sole owner of securities for the BO-06 issue. “He, as the largest creditor of the de facto influence on decisions made by the leadership of OH,” said a representative of the Gutserievs holding. According to him, in favor of the Bank "Trust" from the OX perimeter, "the last real assets are withdrawn, and at general meetings of bondholders decisions are made that infringe the rights of other creditors." The SFI said that they are considering the possibility of initiating a bankruptcy proceeding in order to stand in a line of creditors "until all valuable assets are fully withdrawn from the company." In Trust, Otkrytie Holding, Otkrytie FC and the Central Bank did not respond to the request of “Kommersant”.