National Bank decided not to apply sanctions against banks that violate its ban on early repayment of debt, if the institution solvent. This opportunity is available for Alfa-Bank, bought the investment presented to put the bond. Now to repay their debt securities will be all the big banks with foreign capital, care about their reputation, experts say.
Alfa-Bank is fully satisfied the requirements of the holders of five-year bonds of series F (to 290 million UAH) and G (for 310 million UAH), presented to the offer on September 14. Bank paid interest income on time and in full, and fulfilled all obligations on early redemption of bonds in accordance with the terms of the issue - the press service of Alfa Bank. Yield securities was 16% and 20% respectively. Offer for Series G foreseen quarterly since March 2008, the series F - annually in September.
According to market participants, the series G bonds were purchased by Alfa-bank investors in March 2009, and the volume of securities F-series on the market did not exceed several tens of millions of hryvnia. Therefore, the bank was not a problem to repay the remaining outstanding bonds, said a senior analyst at SG Astrum Investment Management Sergey Fursa. After the restructuring of Eurobonds for $ 1 billion liquidity risk in the bank declined, and the redemption of the local market, we understand that the essential problem for the bank was not - said a senior analyst at SG Phoenix Capital Maria Mayboroda.
Ransom Alfa Bank debt securities on offer occurred, despite the ban on the NBU did not repay the bonds ahead of more than 50% of the nominal value, if the bank has a loss. Violation of this rule decree number 421 director of banking regulation and supervision Basil Pasichnik received the right to apply measures of influence until the introduction of an interim administration in the bank, forced reorganization or revocation of the license and the initiation of bankruptcy proceedings. Referring to this point, to recapitalize the state Rodovid Bank and Ukrgasbank refused to comply with the offer.
Mobile Pasichnik gentleman who is on vacation, yesterday was muted. And one of the members of the NBU Board has assured that no sanctions for Alfa Bank, which in the II quarter due to the formation of reserves was 31.4 million UAH of losses, will not be used.
This rule was written in order to alleviate the plight of banks and provides them with choices. After all, if investors buy bonds, then, be kind, keep them a deadline, which bought - he explained .- Now the financial situation in many banks is improving, and in some cases, solutions are sought as to lift the prohibitions. NBU took a dozen of various prohibitions on lending to banks, which gave stabilization loan. Therefore, Alfa-Bank will be nothing - the official said.
Experts believe that now the ban on early redemption of debt will be ignored and other banks have received damaged due to the formation of reserves. Nearest offer - September 20 - comes on bonds Swedbank (loss of 311.3 million UAH).
Banks are not afraid to reputational risk, declare a technical default as Kreditprombank and new state-owned banks may hold on the ruling and refuse to investors - says Sergey Fursa .- A bank with foreign capital will likely buy those small amounts of their debts, that there is still on the market, because during the hard struggle for the deposits from the public they do not need negative publicity.
Ruslan Black
During the day, the dynamics of trading on Russia's stock market is uncertain On what conditions NAC offered to holders of Eurobonds to restructure its debt ...
Fleet UTair joined the regular four Boeing 737-500 aircraft
Review of the FOREX market for 14.09.09
Pressure on oil quotas, was the possibility of trade war between the U.S. and China, as well as statements by OPEC that the organization stands on the threshold of the quota increases
Tuesday promises to be extremely rich in terms of an information day
Forex Market 15/09/2009
Economy Minister considers that a default in the country will not, and will soon stabilize hryvnia rate
Obama on the anniversary of the crisis calls upon the bankers to relax and to support the reform
Naftogaz promises not to stay in debt