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VTB reported the approval of the program of structural bonds, series C-1 total volume up to 1 trillion rubles of Paper can accommodate for up to 100 years, the program itself is indefinite. Structural bonds will be distributed by closed subscription among the qualified investors.
the Program bonds such impressive volumes, except for one-day bonds of VTB, previously recorded only "Rosneft" in 2014 and 2016.
1 trillion — "a huge sum even for classical papers," says senior analyst debt markets of Raiffeisenbank Denis Poryvai. But while this instrument has no specific conditions and the scope of the programme framework for the amount, he said.
the legislative status of structural bonds in Russia was updated in the fall of 2018. According to the adopted amendments, the main difference between these papers is the lack of capital protection. Informed under Russian law, the issuance of debt securities that do not guarantee their owners a refund of the full nominal value, is not allowed. However, companies sometimes issued structured notes through a foreign SPV.
"the Existence of structured notes in Russia, in many cases, is linked to specific transactions. In fact it often happens that in Russia, the package of assets, such as shares, structured notes were used in order to circumvent the restriction of the share of investments in the shares from investors like PPF. To assess the risks of such an instrument is a difficult task even for a qualified investor," said Poryvai.
Another distinctive feature of a structural market is the reference income thereon to any pre-agreed conditions. For example, the price of the underlying asset, which may include shares of Russian "blue chips", will be in a certain range.
linked Bonds income to any asset previously produced under Russian law, many issuers, including the largest state-owned banks — Sberbank and VTB. However, in accordance with new legislation such securities are now called investment and not a structural bond.
To date, none of the issuers has not yet been issued structural bonds by the new rules. However, such tools are prepared by several participants finrynka, told RBC two people familiar with the situation source.
RBC sent a request to VTB Bank plans to issue bonds under the program.
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