Investors are worried about Peresvet

News around the bank triggered the price fall of its papers.
Background information about the bank "Relight", the main shareholder of which is the Russian Orthodox Church, a cause for concern investors. This is evidenced by a sharp drop in the prices of bank bonds, recorded on Friday.

The yield on the most liquid bonds of the bank "Relight" on the Moscow Stock Exchange trading on Friday soared to 21-24% per annum. According to Reuters, the price fell to 5.5-11% and rolled to the values ​​of 85-92% of face value. This level of profitability, according to Raiffeisenbank analyst Denis impulse, does not reflect the expectations of default, but rather a reaction to the news about the bank. As previously reported channel "Rain", the location of the chairman of board "Peresvet" Alexander Shvets unknown for several days. The bank denied the fact of disappearance. "Alexander Shvets, located in Moscow, but is undergoing treatment at a medical facility, and therefore temporarily unable to perform the functions of chairman of the bank, - said tam.- At the time of his illness and temporary chairman of the board is appointed Vice-President Paul Panasenko.. ". However, disclosed on tapeinformation Ia no announcements on the board of directors was not an appropriate agenda. The Central Bank reported that "Relight" operating normally.

"Relight" took 41 th place in terms of assets and 47th place in the capital on July 1, 2016. 49.8% of the bank owned by the Russian Orthodox Church (ROC). 24.35% owned by the Chamber of Commerce, 12.38% owned by Chairman of the Board Alexander Shvets. Three physical persons hold shares less than 5%.

Currently in circulation are nine issues of bank bonds "Relight" in the amount of almost 30 billion rubles. maturing in 2017-2021 years. Seven issues are included in the Lombard list of the Central Bank, and on Friday a discount to nominal value was 20% (ie at the level of the major private banks, bonds, such as BIN, Sovcombank, "East", "Renaissance Credit"). According to Reuters, the quotations of bonds of these banks unchanged on Friday at 0.3% of the nominal value, while the yield on similar issues was 11-16% per annum.

This is the second jump in bond yields "Peresvet" lately. In early October, their yields keptReferring to the level of 14%. But after the publication of Fitch Ratings report on October 3, in which the Agency has expressed concern about the standards of corporate governance in a bank and credit policy, the bank's bond yields jumped 3-4 percentage points. The Fitch Ratings report noted that the bank loans in the amount of 12 billion rubles., Which corresponds to 50% of the equity capital in Fitch's methodology, are "particularly high-risk, as borrowers are basically the structure having no real assets, while the bank is the only the lender. "