The banking business - is not what the Russian Orthodox Church succeeded in the past year. Bankruptcy bank "Sofrino" and Ergobanka, bankruptcy and Valeria Meshalkina Vneshprombank in which "stuck" 1.5 billion rubles, the Russian Orthodox Church, have caused serious material damage to the ministers of the cult. The last major bank that holds the church funds, and which was not observed any threatening trends until recently, remained the bank "Relight". No less pesimisticheski things went at the Agricultural Bank (Rosselkhozbank), which is led by the son of the former director of the Federal Security Service Nikolai Patrushev Dmitry boosted so exorbitant damages that to save financial institutions had to beg for money from Sechin. Now the way the church financiers and Patrushev crossed. It is reported that in the interests of "Peresvet" Rosselkhozbank plans to raise 10 billion rubles. pension funds and management companies, placing their structural bonds. We can only wait and see what happens.
And the clergy, and the world
Agricultural Bank will issue ten-year structural bonds by 10 billion rubles. As govoritsya bank presentation for investors, Agricultural Bank focuses on yield 11,75-12,75% per annum, while the underlying asset on the securities will be bonds of another bank - "Relight". The issue meets the criteria for investment of pension accumulations of APF, emphasized in a presentation to investors. Key investors, which expects to Rosselkhozbank, - a non-governmental pension funds, asset management companies and banks, said in the presentation.
The layout is as follows: Agricultural Bank issues its own bonds, part of the funds from which will be used to redeem the bonds, which will release the bank "Relight" in turn. In addition, part of the funds, as noted in the presentation will focus on the purchase of OFZ, the yield of which is to provide holders of structural Rosselkhozbank bonds safety of their investments.
Last week in St. Petersburg Rosselkhozbank management and the bank "Relight" held a meeting with investors, including a number of representatives of private and Criminal NPF. Invitation received many Criminal Code, managers of pension money. "This is Johninteresting to offer, given that a similar paper of Rosselkhozbank traded with a yield of 10-11,5% per annum, but it is necessary to evaluate all the risks of this tool, "- he said the manager of the investment company, has received a letter from the RAB. According to the debt capital markets department director Anton Rosbank Kiryukhina formally release of structural bonds will be rated Rosselkhozbank, which is significantly higher than that of "Relight" bank. According to the scale of the international rating agency Fitch credit rating of Agricultural Bank corresponds to the BB + rating of the bank "Relight" is at the level of B +. "However, investors will need to analyze these bonds as a mix of the two instruments and assess the risks based on the net present value of the payments of coupons and face value, knowing that is actually part of the risk, approximately 50-60% will occur in the risk for the bank" Relight ", and the rest - on the Agricultural Bank ", - says Kiryuhin.
Head of Asset Management areas of the fixed income "TKB BNP Paribas Investment Partners" Igor Kozak believes that the bank & laquo; Relight "there was a need to attract long-term money and at the same time reduce the cost of funding. Bank bonds are now trading at a yield of about 14% per annum. Total outstanding of the bank are eight bond issues in the amount of 24.6 billion rubles. "In tandem with Rosselkhozbank Bank will pay a lower premium than if placed its bonds in the market. Most likely, the issue will be sold in the format of "placement in one hand", - said the financier. Kozak This does not exclude that the buyers of structural bonds and PPF can be: why need issuer with a higher rating.
Orthodox tomatoes "Peresvet"
According Kiryukhina estimates, taking into account the yield offered to investors, and guarantees the safety of the nominal investment, participation in the deal will allow the bank "Relight" to attract from 5 billion to 6 billion rubles from the RAB. "It is clear that the bank is difficult to get this level of funding for such a long time. Usually, banks with such ratings draw on the debt market money no more than two or three years ", - he said. Analyst Agency "RusRating" Larisa Makarenko believingIt is that the funds may be required to the bank "Relight" on long-term projects. "From the point of view of liquidity and capital, we do not see him any problems," - she said.
As previously reported, "Relight" Bank is the co-owner of "Agriculture Group", which invests in greenhouses for growing tomatoes and cucumbers. Also, "Relight" invests in innovative projects through the company "Sberinvest" in which the bank holds 18.8%. Financing innovation share: 50% of the money given investors' Sberinvest "(including" Relight "), 50% - state corporations and foundations. Funds for the projects co-financed "Sberinvest", found in the Russian Venture Company, the fund "Skolkovo" and the state corporation "Rosnano".
Kiryuhin doubts that the investments in OFZ, which is now below the yield of 9% per annum, will ensure one hundred percent repayment of funds investors. "In addition, the Agricultural Bank as the issuer bears and interest rate risk. Since Rosselkhozbank plans to pay interest is not in the form of regular coupons, and at the end of the period,then regular payments from the assets, which will be invested by the funds raised will have to be reinvested at rates that will be relevant at the time of receipt of such payments. Given the decline in rate expectations in the market to do so, to provide the required bond yields, will be problematic, "- said Kiryuhin.
The transaction is expected to take place in late June 2016, knows a source close to the organizers of the placement.
Agricultural Bank is among the top 10 largest banks in terms of assets, 100% of the shares owned by Federal Property Management Agency. The bank's assets at 1 May 2016 amounted to 2.66 trillion rubles. At the end of 2015 Rosselkhozbank loss under IFRS amounted to 94.2 billion. Rubles, having increased in comparison with 2014 year twice. According to RAS Bank in 2016 showed a loss of 69.2 billion rubles in the first quarter of its 2016 financial result was positive:. Bank earned 4.3 billion rubles. net profit.
"Relight" The Bank is among the 50 largest banks with assets of 188.4 billion rubles. (Data as of 1 May 2016). Its principal owner, according to the March 31, is the Russian Orthodox Church, which owns 49.7% of shares. 24, 35% of its shares owned by ZAO "Expocentre", the main shareholder of which is the Chamber of Commerce. At the end of 2015 the bank showed a profit of 3.8 billion (IFRS).
Uncontested know-how Patrushev: RAB purchased at the price of software classified in the same loss-making US companies, like himself
Russian Agricultural Bank (Rosselkhozbank) will spend on technical support software Progress OpenEdge American company Progress Software 230 million rubles. These hold sootvetstvuyuschegotenderav format there is no alternative "purchases from a single supplier" appeared on a single portal of public procurement.
Progress OpenEdge is an embedded relational database management system (DBMS). Contractor of the bank in relation to its support structure has become a Russian company "Progress Technologies", founded in 2005 as a distributor of products and technologies Progress Software in Russia and CIS countries.
Terms of the agreement Rosselkhozbank fully veiled. The tender documentation is available only one phrase: "in accordance with paragraph 8..4 provisions on the organization of procurement in JSC "Rosselkhozbank" number 409-P in the implementation of purchases from a single supplier is not developed by the bank, and not located in a single information system documentation of the procurement procedure. "
It should be noted that the Agricultural Bank in recent years regularly being attacked for their "extravagance" in tenders (for example, on the Microsoft software with a starting price of 872.5 million) due to its very disappointing financial performance. Thus, in 2015 the losses bankasostavili 94.2 billion at the end of 2014 - 48 billion rubles. At the same time in late 2013, the Russian Finance Minister Anton Siluanov estimated volume of bad loans in the organization of 150 billion rubles.
The negative performance of US companies on this background look more than modest, but all the same, according to media reports, in the fourth quarter of fiscal year 2015 Progress Software a net loss of $ 9.5 million.