There is a simple truth: money - it is always responsible. Unfortunately, many of its thoroughly forgotten. The availability of money in the world economy in recent years provoked Issue obviously junk bonds. Not spared this hysteria and Ukraine.
And then came the crisis. I had to pay the bills ...
According to accounting issues Сbonds, in the first half of this year at the Ukrainian market bonds have been several tens of defaults (ie, failure to comply with the obligations on the bonds) of $ 1.04 billion UAH. By the fall of bond defaults had reached already at 2.9 billion UAH ...
The defaults also affected the banking system. The pioneer was Creditprombank, who allowed defaulted on bonds worth 350 million UAH. August pleased investors, bond defaults of two finuchrezhdeniy - Ukrgazbanka and Rodovid Bank.
Rodovid refused to buy bonds of two series in the amount of 250 million UAH. and Ukrgasbank - to redeem bonds on offer for 300 million UAH.
However, whether the cause, whether the reason for the last two failures was the decision of the National Bank number 421, which prohibits banks unprofitable early repay their debt securities, except in the case of repayment at below 50% of the nominal value. In addition, the shareholders of both banks acknowledged that not control the situation. And they were actually saved from bankruptcy only purchase their state. Treasury now controls almost 100% of shares RODOVID and 81,6% - Ukrgazbanka.
From
Kreditprombank situation is much more complicated. He is not redeemed by the State, but on the conduct of its shareholders investors have already accumulated a lot of questions.
Producing in 2006-2007, their bonds, the bank has positioned itself as a member of the powerful industrial group and claimed that in the composition of its founders are the major commercial, industrial and financial structures of Ukraine, Ireland, the Netherlands, Cyprus and Greece . Under the powerful group had in mind the concern Energy Victor Nusenkis ...
Relatively big structures of these countries - rumors greatly exaggerated. Nusenkis really part of the bank's shareholders, but a majority does not belong to him. He owns a citizen of Greece Konstantinos Papunidis Georgian origin, who is now - directly or indirectly (through their company) - controls 79,3% of the bank.
But investors who buy the paper for several years, urged that the bank is about to resell a major Western financial institution. Fortunately, that such negotiations were really ... was called and the transaction amount to 600-700 million euros.
As a result, buyers of bonds do not pay too much attention to the fact that the bank's profit does not strike the imagination, remaining the last three years within the 5.6 million
But
bonds of different series navypuskali almost 1,5 billion UAH.
The funny thing is that the bank also undertook to organize their production to other entities. On its website and now hangs such a proposal.
In general, many buying the paper bank, expecting that ensure their payment will have new owners - with an international image. But last year, is a delusion dispelled. Negotiations with the French Societe Generale and the Greek National Bank of Greece (NBG) ended in nothing. And the existing shareholders of the growing problem of the bank is clearly not pull.
decision taken earlier this yeardecided to increase the authorized capital (that is, the infusion of money in the bank) to 1,35 billion UAH. by September resulted in the total investment of $ 30 million (or about 230 million UAH.) and a promise to invest more about the same. It is three times less than the stated, and rectify the situation such amounts are unlikely to ...
not encouraging, and reports. On April 1, the bank granted loans to 11.69 billion UAH. (about 1,5 billion dollars). This obligation of the Kreditprombanka, according to the National Bank, at the beginning of the second quarter amounted to 11.95 billion UAH., Including 6,88 billion UAH. - The equivalent in foreign currency.
results
half proved extremely difficult: the losses of the second quarter reached 168.6 million UAH. This is more than the bank showed profits for the last five years. In addition, the international agency Fitch Ratings has withdrawn the ratings Kreditprombanka. And finally the individual rating of the bank was affirmed at E (the level of default on obligations), which provides a very bleak outlook for borrowing on foreign markets.
By mid-2009 with loans overdue over 90 days (that is problematic) increased to 10,8% of the loan portfolio Kreditprombanka.
But the most fun, it seems, still to come. Just a month begins a continuous stream of payments on the series of bonds: H - 250 million UAH. (maturity - October 21, 2009-On), D - 50 million (Offer - February 15, 2010 th), G - 500 million UAH. (Offer - July 5, 2010-go) and a series of I - 250 million UAH. (repayment - October 20, 2010).
The question is whether this money until rhetorical.
In June the bank announced that he is looking for strategic investors to strengthen the financial situation in a crisis ... Kreditprombank is in the process of restructuring the debt portfolio and is negotiating with potential strategic investors about the entrance of the bank stock.
has information on the negotiations with the European Bank for Reconstruction and Development. But to give up control of the current owners are not prepared and, according to unofficial information, offered 49,9% of shares.
course, said about the restructuring of bonds. However, this process bankers were remarkably peculiar. Thus Kreditprombank offered to pay before the end of the year as much .... 5% of the debt. Another 10% - in the next year and 85% - over the 2011-2012 period. In fact, investors offer a new long-term issue. And on a completely ridiculous rate - with the yield 17-20% per annum. Recall the summer, these bonds were traded at times at 30-40% of the nominal value. In other words, the market evaluates their risks in hundreds of percent returns.
Restructuring on the proposed terms, to put it mildly, more like an attempt at shifting their problems on someone else's shoulders.
experts back then said that the proposed conditions were extremely unfavorable, so they agreed to few investors. Attempts by individual negotiation of special effects was not given. It was possible to somehow resolve the issue only with the payment of regular bond offer, on a relatively small amount.
The bank is continuously cheerfully declares its prosperity and full compliance standards. Indeed, the panic among depositors useless. But the question is to NBU - that he was going to take?
calculation that the problems will be solved hand-wringing investors, frankly illusory.
present such sum, no one will. Bond holders are determined to defend their interests, including in the courts. And without the consent of investors to attract the necessary funds unrealistic ... Meanwhile, the National Bank has already completely overwhelmed customer complaints Kreditprombanka.
There were proposals on the introduction of the National Bank of the interim administration. The idea, at least, is worth consideration. At least in order to deal with the bank needed help. And through hundreds of thousands of people who have entrusted money to him ...
In contrast to the government treasury relatively small Rodovid Bank or the Bank Kiev, CreditProm is in the top twenty largest financial organizations in the country. His problems may again aggravate the situation in the entire banking system. Especially since they can not sit.
According to the newspaper Kommersant-Ukraine, until the end, the problem with payments on the bonds may have 11 banks in the amount of 2,72 billion UAH. Is it necessary to wait? Perhaps we should remember the sad experience of last year Prominvestbanka. There, the growth of problems long neglected, and that's waited for a stormy denouement, after which the system had to quickly pour in money.
Perhaps, after all begin to act on pre-emption, and not to lag what's happening? It is always cheaper ...
Eugene Dmitriev
Metropolitan naruzhnikam reduce the burden National Bank refused to transfer 10 billion UAH. That should go to fund preparations for the evrochempionatu 2012 ...
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