Bank « Dom.rf » plans to attract funds at a variable rate
The largest banks are in a hurry to register the issues of subordinated bonds with a floating rate, which can be released before July 1, 2025. Dom.rf Bank registered such an issue of debt papers, earlier such decisions were made by Alfa-Bank and VTB. The funds raised in this way go into capital calculation. The restriction for potential investors is a high bond face value – 100 million rubles, ten times higher than usual. Such papers have low liquidity, but it is compensated by a high rate, which may exceed the key by 5 percentage points.
On May 19, Dom.rf Bank said that he registered the release of seven -year -old subordinated bonds with a face value of 100 million rubles in the Central Bank. Currently, the bank has two issues of subordinated bonds – with a maturity in 2033 and 2035 in the amount of 22 billion rubles. The volume of the new issue of subordinated bonds and the coupon rate has not yet been disclosed. “The further disposal decision will be made based on the needs of the organization and the market situation,” the bank explained.
According to the results of the first quarter, the Dom.rf bank took tenth place in assets in the rating of Interfax (3.5 trillion rubles). On April 1, its own capital amounted to 0.33 trillion rubles. Net profit according to the results of the first quarter reached 9.8 billion rubles. Subordinated bonds (subordinates) are taken into account when calculating the capital of the bank.
However, experts based on the published parameters expect that the posting will take place in the near future. The fact is that the Bank « Dom.rf » has a registered and unreasonable issue of subordinates, but with a denomination of 10 million rubles. According to market participants, the bank had to register a new issue because in December last year the Central Bank allowed to issue subordinated bonds with a floating rate exceeding the key rate of the Central Bank by no more than 5 percentage points. Prior to this, the profitability of subordinated bonds was limited to 15%, and such profitability did not find demand in the market. But in order for the papers to have a floating rate, their face value should be equal to 100 million rubles, and they can be placed under these conditions only until July 1, 2025.
Two months ago, Alfa-Bank, seven-year-old ruble papers with a denomination of 100 million rubles, made a decision on the release of similar subordinated bonds. Planned in the amount of 46 billion rubles. (see “Kommersant” from March 17). However, until the placement has occurred. Also last week, VTB announced the launch of the “Rables” procedure of currency subordinated bonds (see “Kommersant” of May 14). Eight eternal subordinated bonds nominated in US dollars ($ 2.78 billion) and euros (€ 0.36 billion) will be transformed into eternal ruble subordinated bonds. As explained in the bank, this decision is due to the fact that in 2024 the Central Bank introduced a new regulation of the open currency position of the banks, which provides for the significant limit of the « volatility of the basic capital by including perpetual subordinated tools. »
At the same time, according to experts, the rate may be lower than the maximum, permitted Central Bank. The general director of Aricapali Alexei Tretyakov notes that 100 million rubles is too much for the bond. Therefore, the number of investors will be clearly small. “If we assume that the placement will be market, then under current conditions the coupon rate would be the key rate of the Bank of Russia plus 3-4 percentage points (24–25% per annum.« Kommersant ») ”, Estimates Mr. Tretyakov.
