2023-06-14 11:00:14
In 2023, companies may issue yuan bonds for another 56.3 billion yuan (656.9 billion rubles) in the Russian market. Anatoly Popov, Deputy Chairman of the Board of Sberbank, told reporters regarding this on the sidelines of the St. Petersburg International Economic Forum (PMEF). Thus, the entire potential of the bond market in Chinese currency this year might reach 80 billion yuan (933.5 rubles).
For the whole of last year (since July, when the first issue was posted by “Rusal“. – Vedomosti), Russian companies have placed bonds in yuan for a total of 58.7 billion (685 billion rubles), and since the beginning of 2023 – another 23.7 billion (276.5 billion rubles), Popov recalled.
In mine Moscow Exchange reported that 20 issues of bonds in yuan worth almost 800 billion rubles were placed on the site. Since November 2022, the exchange has been calculating the price index of Russian bonds denominated in Chinese yuan. Since its launch, it has fallen by 2.5% to 96.4 points, which means that most of its bonds are traded below par.
Alone Sberbank he did not issue bonds in yuan, but he admits this if a “window of opportunity” appears, Taras Skvortsov, vice president, director of the bank’s finance department, said in an interview with Archyde.com. “For the growth of the portfolio, which is now observed, funding is needed, and today we are making the most of all the opportunities that the market gives,” he said.
But Sberbank’s decision is influenced by the fact that it does not see enough yuan liquidity in the market, Skvortsov explained: if you go out with a large issue, as the state bank wants, this will make the market even less liquid, and rates will rise.
In the Russian market from April to mid-May 2023, there was a shortage of yuan liquidity, the Bank of Russia confirmed in its review: this might be caused by the demand for yuan to pay for imports. But at the current moment, according to the regulator, the market is in a balanced situation.
Popov also gave a forecast for new initial public offerings on the stock market (IPO): in 2023, he expects 8-10 new issues. The average size of transactions will significantly exceed the figure for last year, the banker believes. Companies are actively preparing for the placement in 2023, including from the financial, industrial, IT sectors, retail and other sectors of the economy, said the deputy chairman of the board of Sberbank.
In 2022, only one IPO took place in Russia – shares on the Moscow Exchange were placed by the scooter rental service Whoosh, which raised 2.1 billion rubles. with a plan of up to 5 billion rubles. This year, the Genetico Center for Genetics and Reproductive Medicine held an IPO: with a 2.5-fold excess of demand, the company raised 178.8 million rubles. In the spring, Natalya Loginova, director of the department for work with issuers at the Moscow Exchange, noted that under favorable market conditions, regarding 10 companies might expect IPOs this year.
Holding an IPO, but following 2023, is also planned by the IDF Eurasia holding, which includes the leader of the microfinance market Moneyman and the ID Collect collection agency, Vedomosti wrote earlier.
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