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 According to him, in favor of the Bank "Trust" from the OX perimeter, "the last real assets are withdrawn, and at general meetings of bondholders decisions are made that infringe the rights of other creditors."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”.