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The Company "Home money" first among IFC begins to sell their bonds to retail customers through the banking network. Experts believe that the bond market will increasingly be used by microfinance companies. What is the project and what are the prospects that were dealt with Banks.ru.
became known As Banks.ru, the company "Home money" will sell its securities to the citizens through the banking network. The project will cover both Federal and regional banks, but will begin with regions. The program launch is scheduled for July 2017. Until the end of the year "Home money" plan to enter into agreements with five to seven banks, and the affiliate network will be gradually expanded, said Banks.ru chief Executive officer of "house money" Andrew Bakhvalov. The main criteria for the selection of partner banks include not only successful business but also developed a branch network.
it is Assumed that through the offices of commercial banks, the company "Home money" sells issues of new bonds in the framework of the already registered program by 10 billion rubles. Banks "have to" at least 8 billion rubles, as long as from the program population selected only 1.25 billion
How to say "Home money" as of this moment, the company is the only IFC, which has embarked on securities through credit institutions retail.
In the "Household money" I hope that the new approach to engagement will be profitable and banks will allow them to find more customers with a high level of income, expand product line, increase the volume of funds raised through cross-sell and get additional income through Commission from the Corporation.
"We saw that the company's securities in demand, liquidity and the average rate is about 103%. In addition, in the current situation, the population is increasingly interested in more lucrative products the stock market for maximum profit. As a result, the decision was made to enter new markets on realization of bonds," — says Andrey Bakhvalov. He stressed that the implementation of the new project is not a question of competition between IFC and the banks, in this case the project participants are exclusively the partners.
when Asked about whether the project for the sale of bonds "house money" to compete with "people" OFZ Bakhvalov said, "No, this is not a competition, it would be better to say that our paper can Supplement the portfolio of the investor, which, as a rule, are less profitable Federal loan bonds and higher-yielding securities."
Not a competitor of "national" OFZ
"the Experience of hosting corporate and exchange bonds, which is the company "Home money" is 2012-2013. That is, the bonds of MFIs can be sold by credit institutions for several years. The fundamental difference between this specific location — in a low nominal value of bonds (1 thousand roubles per bond. – Approx. Banks.ru.), which allows you to purchase their wider circle of persons", – says the General Director of service of online loans "Robot Timer" Sergey Sedov.
however, he was sure that the bonds of IFC and "national" bonds (OFZ-n) that are implemented by the government through banks are not competitors, since "they are completely different products". "Guarantor repayment OFZ is the state, the level of security to any Bank or corporate bonds OFZ incomparable", says Sedov.
the program for the sale of bonds IFC credit of the organization, he sees one major problem – the position of the Central Bank on this issue. "As you know, IFC may borrow funds from individuals, only if they are qualified investors. For this set a minimum investment amount of 1.5 million rubles. The placement of bonds allows to circumvent this limitation and draw in the IFC capital with additional liquidity, which is essential for the development of any company — says the head of the service "Robot Timer". But, because the par value of the bonds is less than the threshold, it is not excluded that the Central Bank will regard their placement as an attempt to create a financial pyramid and bring the IFC from the registry".
however, other experts clarify that it is unlikely that such destiny can wait for a really large microfinance company operating for many years in the market, which are "Homemade money" — it was more about small and unknown companies of the microfinance sector.
Most IFC experiencing a chronic shortage of liquidity, indicates Sedov. Therefore they will consider any options of raising capital. But the key will be the position of the Central Bank at face value of the bonds, he said. If the Central Bank will insist that the value must meet the minimum size of investment by a qualified investor, the bonding loses its meaning with qualified investors by IFC work independently and willing to offer them the most convenient conditions.
Sedov not expect the repetition of such experience in the implementation of IFC securities in the future. "Ideally, the issue of corporate securities must be preceded by an IPO, or, as in this case, he should be provided with an extensive branch network of the company or of the partner and her good performance under IFRS. The majority of IFC at the moment, the volume and momentum of its own capital are not large enough for such a large-scale attraction of means", concludes our source.
a Different opinion from General Director of the online lending MoneyMan Boris Batin.
"This circumstance (getting started "Home money" from banks as part of the sale of their securities. – Approx. Banks.ru.) says that after the division of the market into the IFC and ICC microfinance companies increasingly enjoy all the benefits of their status, including issuing its own bonds, — the Batin. — Due to the fact that today banks are not very active in lending to microfinance companies, these bonds are an interesting tool for more funding. Today there are several companies that are considering it. According to our forecasts, by the end of this year we will see two or three IFC, which will be released on the market. Of course, these circumstances will have a positive effect on the overall market — it will become even more open and understandable to society, striving for the regulator".
How did you learn Banks.ru, one of these companies is IFC "Mani Fanny".
"Yes, we have plans to also have the bonds — roughly in 2018. It is a convenient tool to attract massive investment, to a wide range of investors could buy them. IFC and now attract funds from the public, but in the form of loans, and loans more understandable to professional, experienced investors who have concluded a contract. The bonds more clear to people, especially after placing "people" OFZ and the General revival of interest in securities market associated with the introduction of a mechanism such as individual investment account," — said General Director of "Mani Fanny" Alexander Shustov.
He believes that the yield on the bonds, the IFC will be higher than on FB, and even higher than that of many Bank bonds, "so it will be an interesting paper."
According to Shustov, it is still the case that a microfinance institution (MFI) sells bonds, it was not, because the law does not allow this. Now micro-Finance company (IFC) can do this kind of raising funds – unlike microcredit companies (ICC).
"it is Rather strange that the banks agreed to act as agents in the sale of bonds of IFC, but, in fact, MFIs and banks compete for depositors' money and the buyers of bonds, — says head of "Mani Fanny". — But, most likely, the IFC decided on such a project, just already have some partnerships with a small number of banks. Good thing it happened now, when the microlending market is tightly regulated when the regulator in the face of the Central Bank brought it up, and it's easy to distinguish trusted and untrusted issuers. For example, the magnitude of the share capital, according to the brand."
According to the chief financial officer of online lending "E loan" Mamuka rizaeva, it can be assumed that if interest rates on the bonds MFI will be higher than BFL, two of these product will become competitive enough. Another question – who rather trust consumers: IFC private or state? Anyway, Rizayev sure that "Home money" will find its clientele, offering the bonds through the banks.
"In this scheme the interaction of benefits for the IFC in obtaining additional capital for business development. Cons for them — in the additional control and operating high load. And the banks, in turn, will be able to earn on commissions, says Rizayev.
— Bond issue IFC is an effective way of raising Finance. And its relevance will increase with the increase in the regulatory burden on the microfinance market. To want to do it are many, but the opportunity is not all. To manage the risks arising from the issue of bonds is extremely difficult, and to enlist the support of the Federal banks."
the quiet ones
Many banks, which Banks.ru has sent a request to comment on the pros and cons of cooperation with microfinance companies have left it unanswered. In General, the banking market is quite neutral refers to this term.
The MCB responded that currently, the plans for cooperation with the microfinance companies do not have. "But the Bank is ready to examine the conditions of such partnerships and discuss the optimal conditions for the customers. If customers deem that this proposal is beneficial for them, the Bank will consider its implementation in future", — said the press service of the RNCB.
"Microfinance companies need to get financing and bonding — this is a civilized way of raising capital, but we need to understand the risks that lie, warns the President of the Bank "Voronezh" Oleg Kislyak. — The state keeps imposing new restrictions on the credit rate, which reduces the profitability and margins of such companies. The traditional method of raising capital is their deposits at rates that are two times higher than the Bank. So IFC will sell securities with a substantial risk premium relative to bonds of major Russian issuers, the premium may be 3-4 percentage points".
One of the bankers — the representative of a major credit institution categorically stated that plans for any cooperation with the microfinance market from his Bank and never will be, especially in relation to the sale of their securities.
"the IFC is an example of the high-risk issuers, the level of quality which is unacceptable for normal investors, especially individuals. I do not approve of the attempt of IFC through partnerships with banks to obtain more long-term money from retail investor who does not understand the risks associated with investing in such securities. CBR should pay more attention to monitor the emissions "junk" borrowers", — expressed his sharp interlocutor Banks.ru.
Anna DUBROVSKAYA, Banki.ru
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