For the first time the existence of the Russian market of public debt collectors came to him. The intention to place bonds for EUR 6 billion. said first Collection Bureau, in a guide which includes a well-known banker Igor Kim. Through affiliation with the owner of a major bank alliance to market the new paper will be the buyer and the banks, Kim will be able to clear the balance.
The Board of Directors of the First Collection Bureau approved the issuance and posting of bonds, totaling 6 billion rubles., Said the company’s official report on its website. By placing on the public offering planned series of six three-year bonds on 1 million shares in the nominal value of each 1 thousand rbl. The scheme of repayment will be as follows: for 16.6% of the nominal value of bond issuance investor receives every six months for two and a half years and 17% of face value – after three years from the date of the placement issue.
This is the first bond issue by collection agencies, note collectors. “Previously, the main way to attract the resources it was entering the equity investor, big agencies, but now it is quite difficult, the collectors are forced to seek new ways,” – adding the chairman of the board of directors Collection Agency “Center YUSB Alexander Fedorov. Recently, an original way to raise funds offered Stolychne collection agencies, organizing FTRA to invest in outstanding loans to retail banks (see “Kommersant” dated June 3).
OJSC “First Collection Bureau was established in 2005. According to the “Spark-Interfax, the authorized capital bureau – 117,6 thousand rbl. 85% of the company’s shares owned by four individuals, the remaining 15% belong to the CCW “Ratte Holdings Limited (Cyprus). The board of directors of the Bureau is composed of Sergey Vlasov, Igor Kim, Alexander Taranov, Anastasia Trudneva Mihmel and Paul, who is also CEO of the bureau.
Participants in the debt market to doubt that the issuer of the collection agencies, not one of the three leaders of this market and also the first time, resorting to public borrowing, will be able to place bonds on market conditions. “The public bond market today is open only to the issuers of the first and second tier, which is not the first Collection Bureau – looks analyst” Renaissance Capital “Nikolai Podguzov. – It is therefore unlikely we will see this posting on the open market.” “Bond collection agencies, the sole asset of which are bad debts – this is very risky tool, which is unlikely to be interested investors on the open market”, – head of the department agrees to review the debt market FK “Opening” Vladimir Malinovsky.
Given the opacity Collection business, interested in such securities can only be an investor familiar with the business the agency may already be a partner of his, looks Development Director collection agencies “arms” Sergei Shpeter. “Given the affiliation First Collection Bureau Igor Kim (owner of Ursa major bank and the banking alliance, which includes Etalonbank, Bank South, and Rostpromstroybank bank” East Express. “-” Kommersant “), these banks are likely to purchase bonds through the transfer of the Bureau of problem assets “, – thinks Alexander Fedorov. Replacement of overdue debts of banks bonds collection agencies are the most likely reason for this placement, I agree, Vladimir Malinovsky. “Replacement of the bad debt bank bonds Collection Bureau will help in the short term, significantly reduce the allocations to reserves, to improve reporting and capital adequacy ratio”, – says Director of Finance and Department of the Moscow Credit Bank, Vladimir Chubary.
Learn from the issuer itself, for what target audience he expects the bonds issue, last night failed. Neither the city nor the mobile phone First Collection Bureau director Paul Mihmelya not answered.
SHOW ME STATE FIRST AID
The Bank began to conduct AUTHORITIES
British bank Lloyds became the world’s first banks to begin repayment of funds provided by the state during the exacerbation of the financial crisis. The relatively well conducting additional issue of shares, Lloyds Banking Group will return the state? 2.3 billion out of the 17 billion already this week may become known, and American banks, which will repay the loans from the authorities.
Yesterday, the British Lloyds Banking Group has announced the results of additional issue of its shares, funds from which will go towards the payment of the package in gospomoschi? 17 billion received in January of this year. As stated in the statement of Lloyds Banking Group, the level of subscriptions for a total additional issue? 4 billion was 87%, thus, the bank received about? 3.5 billion despite the fact that the additional issue in the British banking group has not been able to accommodate all the new shares, which Besides selling a substantial discount (minus 42% to the closing price on Friday, amounting to 66.2 Pensa), Lloyds became the first bank in the world, which began gospomoschi refund. Currently, Lloyds begin paying state? 2.3 billion received from the State? 17 billion In addition, because Lloyds would return the state funds received in exchange for preferred shares, the bank will be able to save? 480 million a year for the payment of dividends State on these shares. If the bank is able to accommodate the remaining 13% of additional issue, new shares will be bought out the British Government.
In September last year, the bank Lloyds TSB has become a matter of urgency in the country’s largest mortgage bank HBOS, was on the brink of bankruptcy. As a result of the transaction, an intermediary which has the British Government, was established banking group Lloyds Banking Group. Later, the British authorities granted the joint company? 17 billion in exchange for 43% of the shares.
A desire to start a return gospomoschi stated, and several U.S. financial firms – JP Morgan Chase, American Express and Morgan Stanley (see “Kommersant” dated June 3). This week the U.S. Federal Reserve should indicate how the banks will be allowed to begin repayment goskreditov.
Commenting on the beginning of repayment goskredita bank Lloyds, the head of administration for the financial services market, Ministry of Finance of Great Britain, Lord Mayners broadcast “the BBC stated:” This is progress. In light of the bad debts Lloyds further three months ago, it was very difficult to imagine that a large British bank can raise funds in its equity capital. I think that we are entering a new phase, when institutional investors said: “Yes, we have confidence in British banks, their capital is strong, and they could lend, and support the British economy.” This is good news . Deutsche Bank analysts upgraded their recommendation on Lloyds shares to “buy.”
However, investors did not rush to an optimistic reaction to the additional issue Lloyds, forced to place shares at a discount of 42%, – quotes the bank yesterday dropped by 8% to 60 pence.
“INTER RAO” GET TGC-11 FOR SHARING
For a share of power in the IT Payment shares TGK-12
“Kommersant” has become well known scheme for obtaining “Inter RAO UES” control of TGK-11. The first share in the company Inter RAO shareholders prefer SUEK. It is an exchange – for 26% stake in TGK-11 owners of the coal companies will have 18.6% stake in TGK-12 that Inter RAO bought out the FGC. The market value of packages at this time is comparable, and the transaction does not include payments.
Inter RAO was able to negotiate with one of the shareholders of TGC-11 to obtain its share. As told “Kommersant” two sources familiar with the negotiations, we are talking about sharing the proportion of Siberian Coal Energy Company (SUEK, owns 26% stake in TGK-11) for shares of TGK-12 (18,6%), which now owns the Federal Network Company (FGC). “There is agreement that Inter RAO to buy shares in FGC TGK-12, which is on her balance back to the time of RAO UES – explained one of the interlocutors” Kommersant “. – This package will be passed to shareholders SUEK, and they give” Inter RAO to share in TGK-11 “. In TGK-12 SUEK already owns 44% of the shares.
This information confirmed the “Kommersant” and a high-ranking source in SUEK. According to him, the transaction will take about three months, the cash bonuses it does not provide. The same is said to “Kommersant” and a source close to Inter RAO.
TGK-11 installed capacity of 2026 MW combines energoaktivy Tomsk and Omsk. A year ago, one of the minority TGK-11 – JSC “Oil-Active” (affiliated with Rosneft owns 5.6% stake in TGK-11) – decided to challenge the consolidation of energy companies in court. As a result, it was blocked by an additional issue shares of TGK-11, and the company can not fund their investprogrammu, which is estimated at about 25 billion rubles. Nevertheless gosdolyu in TGK-11 (28.9%) in 2008 purchased the E4 group.
In spring it became known that control of TGK-11 wants Inter RAO. With his participation in mid-May, was reached a settlement agreement with Rosneft, which should be formalized on June 15. After that, the parties promise to tell you about the scheme, under which Inter RAO will be included in the charter capital of TGK-11. So far, no official comments do not give us.
But the source of “Kommersant”, close to the “Inter RAO, said that a group of E4 also talks. “Until the end, we have not yet been determined, as shares of TGK-11 otoydut Inter RAO, but likely just stop paying E4 FGC. Formally package E4 in TGC-11 remains on the balance of power companies, as was sold in installments. The total transaction time was $ 245 million, how many of them have already been paid and what will be the fate of the money, the sources of “Kommersant” not specified.
Alexander Seleznev of URALSIB “notes that the market value packages in TGK-11 and TGK-12, which varies Inter RAO and SUEK is comparable. Yesterday 18.6% of the shares in TGC-12 were worth 2.25 billion rubles., And 26% of TGK-11 – 2.1 billion rubles. Analysts FK “Opening” to notice that the shares of TGK-11 have grown by half since the end of March, when it became known that Inter RAO wants company. In an “open” feel that the conflict of shareholders and incomplete consolidation of the inability of the additional issue were the main constraints to growth factors in the value of the securities. However, adds Mr. Seleznev, a problem may arise from the “Inter RAO to repurchase shares in TGC-12 at the FGC. The papers came to the company’s book value at 9.1 billion rubles., That is four times more expensive than the current market price, and were not reassessed.
IATA AGAIN Double DAMAGES AIRLINES
In 2009, They have lost $ 9 BILLION
International Air Transport Association (IATA) for the second time since the beginning of the year twice raises its forecast for airline losses in 2009 – this time to $ 9 billion of reason – the continuation of the fall in demand, especially in premium classes. The world is projected IATA, airline revenue could decline to a record 15%, while in Russia, according to the experts – about 20%.
Yesterday, the International Air Transport Association released a new forecast of financial performance of airlines in the current year. Now the association believes that in 2009 the world’s airlines will lose about $ 9 billion this twice more than the previous forecast of IATA, published at the end of March ($ 4.7 billion). And in December last year, IATA predicted that the loss of air carriers in 2009 will not exceed $ 2.5 billion
Pessimism association based on the results of the first quarterly report for 2009 the 50 largest airlines of the world, showed more than $ 3 billion loss. “The forecast reflects the continuation of the sharp reduction in sales”, – the message IATA. She expects that the proceeds of air carriers in 2009 will decline to a record $ 448 billion (15%) and the situation has hardly changed in 2010. Reducing demand is falling while the price of tickets, especially in premium classes (see schedule), and the carriers, not even lowering fuel costs (from $ 106 billion in 2008 to $ 59 billion in 2009-m). In addition, oil prices are already rising, it is noted in the message IATA. Most will lose the airline in the Asia-Pacific region ($ 3.3 billion) and Europe ($ 1.3 billion). However, in physical terms the global market will grow more slowly than the financial – the decline of passenger traffic in 2009 is expected to be 8% per annum. The cargo flights, according to IATA, will fall by 17%.
Director of consulting company Infomost Boris Rybak believes the increasing losses of airlines logical. “The airline will grow the existing funds and add new ones,” – he said. Airports try to compensate for the decline of growth in prices for their services, and rising oil prices boost the fuel component of business aviation, said the expert. He also recalled that in 2011 in Europe imposed the mandatory payment for the emission of harmful substances into the atmosphere.
In Russia the rate of fall of passengers stabilized. Yesterday Rosaviatsiya published the preliminary results of April, according to which the volume of traffic by Russian airlines fell by 21.5% (in March, falling to the past year amounted to 21,7%). “The rate of fall slowed traffic, it can not encouraging”, – adds the head of analytical department of “airport” Oleg Panteleev. According to him, one of the favorable factors for the airlines is to weaken the dollar, mainly because of that currency’s lease contracts, but these savings are likely to be offset by anticipated increases in the prices of kerosene. According to experts, the financial plan will benefit the airline, which successfully restructured its route network, but they can reduce their market share. According to the Rosaviatsii, while better than smaller competitors, the airline cope with the crisis of the Top-15 – they have the carriage fell only 11%. Boris Rybak Infomost of forecasts for the Russian airline deterioration of financial results approximately in proportion to reduction in passenger traffic – in the range of 20%.
To ask in RBC SHARE
CC ROSBANK want to create media CREDIT COMMITTEE
CC Rosbank which owns approximately 12% of the shares of RBC, required to establish a credit committee to restructure the debt media, which should include representatives of the shareholders and creditors. Otherwise, the CC Rosbank promises to block all transactions RBC. In addition, the company faces management RBC criminal prosecution, if in the course of the trials found signs of intentional bankruptcy.
Yesterday, CC Rosbank sent two letters to management, members of the board of directors and certain creditors of RBC. The first letter (is available to “Kommersant”) states that the discussion is RBK debt restructuring plan, contrary to the norms of Russian legislation. In particular, the main channel “daughters” of RBC in a foreign holding company (which, according to the scheme, will issue new obligations) must be approved by the shareholders of large transactions and transactions with interest. The letter states that the CC will have to block all attempts to transfer assets to a foreign holding company. “Such a scheme violates the rights of minority shareholders, who may remain with nothing. We do not get offered a share in a foreign holding”, – explained the director CC Rosbank Vladislav Bessarabov.
In the CC warned that disagree with the restructuring plan will be in court to demand repayment of overdue debt. In CC Rosbank not exclude that in the course of the trials found evidence of deliberate bankruptcy, with a view to the withdrawal of assets in offshore jurisdictions. “We are exploring all kinds of responsibility – first and foremost, estate and administration. At the same time, if the actions of the management company will be a criminal offense, we will consider options for prosecution of management”, – told Mr. Bessarabov.
CC Rosbank proposes to establish the Board of Directors (SD) RBC committee on the restructuring, which should enter the existing members of the board, as well as representatives of shareholders and creditors under the independent chairmanship. In doing so, all the decisions the board should negotiate with the credit committee.
As a holding company of RBC consists of the newspaper “RBC Daily”, RBC TV, the Internet company Mediamir “, etc. The founder of RBC German Kaplun, Alexander and Dmitry Belik Morgulchiku owns approximately 20% holding. RBC Total debt is about $ 200 million in March, owners of about 70% of the debt gave preliminary agreement to restructure a new scheme: payment of 25% of the debt until 2012, 75% – to 2014-th.
In the second letter of the CC Rosbank questioned the legitimacy of the sale of 98.29% shares in OAO “RBC Bank”, which was announced on 30 April 2009. The deal was 300 million rubles, while buyers were unnamed individuals, and one of the largest oil. CC Rosbank learned about the deal from public sources, although a shareholder of RBC, said in a letter in the company. In the CC believes that the bank was sold at a price below the book, as well as strange structuring the transaction.