Banks began to actively securit consumer loans
Russian banks have noticeably activated in the market for consumer loans secretion. Large players are interested in the release of bonds secured by rights on loans. The high rates, under which consumer loans were issued last year, allow the derivatives to compete with deposits that are issued on them. Therefore, experts expect large placements of such papers even in the context of reducing bets in the debt market.
On March 24, two banks once announced plans to securitize consumer loans portfolios. T-Bank is going to place bonds for 4.5 billion rubles, Gazprombank (GPB)-for 4 billion rubles. T-Bank bonds will be with a fixed rate of 25% per annum and monthly dome payments, the expected period before repayment is 1.5 years. In the GPB, the return to repayment is set at 23.75% per annum, the coupon rate will be 21.5% per annum, and the expected period of full repayment is 2.5 years. The placement of both issues is scheduled for March 28. The T-Bank said they planned new issues, but their volume was not disclosed.
This year, the second time to securitization of the Consumer Bank’s portfolio was the first to deal with bonds by bonds of 8 billion rubles. According to Andrei Korolev, executive director of the Department of Council of Council of People’s Commissars, securitization becomes interesting to banks during the relative stability of interest rates on the market. “In 2025 we predict the record volume of new bond placements secured by the portfolio of consumers, if the key rate of the Central Bank will not significantly increase by the end of the year,” he notes.
Large banks with large portfolios of consumer loans show great interest in this tool for unloading of capital.
“We are planning a deal (by securitization of consumer loans. – « Kommersant ») During the next quarters, we will make the final decision depending on the market conditions, ”said Sberbank. The bank explained that the securitization of loans, in addition to the positive influence on the structure of the bank’s balance, allows investors -clients to diversify the portfolio of their investments in the financial market. The head of the VTB secreitization department Andrei Schukov noted that in 2025 it is planned to « close several transactions, their number and volumes will depend on the market situation. » In 2023–2024, the bank implemented four issues of such bonds.
At the same time, according to Mr. Suchkov, the level of betting on the portfolio of consumer loans makes it possible to release papers with a coupon attractive to investors. “In addition, strict macroprudentic requirements make consumer loans quite burdensome for bank capital, and their sale through the securityization mechanism allows you to facilitate this problem,” he notes.
Experts note that in 2025–2026, the market of multi -tone securityization, when the senior tranche of bonds is displayed to the market, and the younger tranche, at which all the risks are collected, redeems the bank, can reach 700 billion rubles. (see “Kommersant” dated February 6).
At the same time, individual issues of banks can grow up to 200 billion rubles, and large credit organizations consider it are unsecured loans as a basic asset for such issues.
The managing director of the ratings of structured financing of the Agency « Expert Ra » Alexander Verolainen believes that the lack of expectations of a sharp decrease in the key rate and at the same time stopping negative expectations for its growth favorably affects the prospects of new transactions. “The current profitability of the bond market is quite attractive for securitization of portfolios issued at high rates last year, in addition, now the banks have more opportunities to offer profitability for such bonds, competitive with deposit rates compared to the situation of the end of last year,” she notes.
At the same time, the senior director of the ratings of the financial institutions of the rating of the NRA Ainaz Khairullin, draws attention to the fact that securitization that provides access to long -term financing sources and credit and interest risk management tools, as well as providing significant economic benefits by saving capital and liquidity growth, will remain in demand even in the conditions of reducing lending as a whole at the same time The effect of the accumulated base. “The strategy for tightening approaches to the assessment of borrowers, including within the framework of increasing macroprudent requirements of the Bank of Russia, improves the quality of the portfolio, which also stimulates the preservation of securitization at high levels,” she is sure.
