the Bank “Peresvet” has restricted the issuance of deposits “due to excitement”. Reacting to this, investors began to dispose of securities. As a result, the yield of bonds during the day rose above 100%
the Bank “Peresvet”, the main owner of which is the Russian Orthodox Church (ROC), limited on Tuesday, 18 October, the results of deposits of individuals amounts to 100 thousand rubles, or $ 1.5 thousand, reported in the call center credit organization. As explained by the call centre employees due to the excitement, the Bank may not suit all applications.
“We don’t see the hype, but we feel an increased demand for cash withdrawals”, — told RBC representative of the press service of the Bank “Peresvet”. He added that binds the increased demand with the emergence of reports in the media.
the Bank has no liquidity problems, assured RBC official representative of “overexposure” on Tuesday. “We do not expect that the increased demand will have a significant impact on the stability of the Bank — the share of retail clients in total liabilities is insignificant,” he said.
Earlier media reported that in mid-October, the Chairman of the Board of “overexposure” Alexander Shvets has disappeared and his whereabouts are unknown. However, Vice-President of “overexposure” Nadezhda Gromova called information about the disappearance Shvets insinuations. “Man sick” — she commented on the message about the disappearance of Shvets.
Later, the Bank released an official statement clarifying that Sweden is in Moscow, but is undergoing treatment and therefore temporarily unable to perform the functions of the Chairman of the Board of the Bank. For its part, the Bank of Russia said then that the absence of the Chairman of the Board at work for a valid reason, including vacation or illness, is not a cause for concern. “This credit institution operates in a regular mode”, — stated in the comments of the regulator 14 Oct. On Tuesday, the Central Bank has not responded to a request to RBC on the situation in the Bank “Peresvet”.
Video: RBC
According to the financial statements, the company, on September 30, 2016, the assets of the Bank “Peresvet” was 198,4 billion (41st place on the market), the share of deposits in liabilities of the Bank was 11.3 percent. In September the volume of deposits in the Bank decreased by 764 million rubles.
More than 49% of its shares belongs to the Russian Orthodox Church, 24% are owned by the chamber of Commerce (CCI).
the beginning of the outflow of deposits from the Bank “Peresvet” on Tuesday reflected on the quotations of its bonds on the Moscow exchange, which showed a record decline by 25-30%. The yield of the bonds during the day rose above 100%. Bonds of the Bank “Peresvet” maturing in 2017-2020 to 16:30 GMT traded at 70-75% of face value with yields of 58-67%. Just the appeal of the Bank’s nine bond issues with a total volume of over 35 billion rubles, as well as one issue of ten-year Eurobonds denominated in rubles to 8 billion rubles.
“Obviously, investors get rid of securities, because I believe that credit risks have risen sharply”, says the portfolio Manager of UK “Kapital” Dmitry Postolenko. According to him, at current levels of interest rates, any yield above 20% is considered by the market as a high probability of default risk of the Issuer.
“Panic “Peresvet” began with the Fitch report, when the media caught on information about loans to companies that have real assets. But overall the report was written quite positively, and the Agency eventually confirmed its a rating and stable Outlook. Nothing terrible for the Bank no doubtful loans at 12 billion rubles on the background of the total assets of 200 billion is a drop in the ocean”, — said the main expert “Interfax CEA” Alexey Buzdalin.
the beginning of the outflow of deposits, in his opinion, has a strain on liquidity and is testing how the Bank will act in a stressful situation, but in General a serious threat to “Relight” shall not be.
“in fact, the Bank is engaged in retail: the major share of funds of natural persons — large deposits of very wealthy clients, who communicate with the Bank’s management. As I understand it, among them should not be panic, and the bulk of deposits is quite stable,” — said Buzdalin.
in addition, he notes, “Peresvet” is actually controlled by the ROC. “She has enough resources to maintain the stability of its functioning. Until you ask clients in the corporate grid to “fit” additional liquidity to the account”, — the expert believes “Interfax CEA”.
the Fact that Fitch has confirmed the credit rating and stable Outlook “Peresvet”, despite the presence of data in the report about potential risks, says the analyst PSB Dmitry Monastyrshin. “If Fitch saw the risks, it at least would worsen the prognosis. After the publication of the report, the Bank noted that Fitch has not requested additional information and that the Bank was ready to provide information about their customers,” he explained.
in addition, said Monastyrshin, the Fitch report and the news of the disappearance of the Chairman of the Board came about in a period when the Central Bank actively withdrew the banks license. All of this was connected together and caused panic among clients to which the Bank was not technically ready, he said. “By its actions, the Bank apparently wanted to take an excessive influx that the panic has subsided, but that, on the contrary, it strengthened”, — the analyst PSB.
According to him, the situation with the “Relight” is different from the problems of banks with the Central Bank in recent months revoked license. “These banks are called “vacuum cleaners”: they actively offered to individuals deposits at high rates and showed higher growth rates to attract their funds, and gave loans to corporate customers, in fact, withdraw money from the Bank and bringing it to bankruptcy. In such banks the average share of public funds in the total volume of clients ‘ funds is 25%. The “Peresvet” it is slightly more than 10% of all of the liabilities,” he says.
the Latest IFRS does not reflect the liquidity problems of the Bank, says Monastyrshin, noting also that on 18 October, the Bank paid the coupon on bonds, paying 126 million rubles.
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