The Board of Directors of “Rosneft”, on 20 November approved a bond programme amounting to 1,071 trillion rubles, follows from materials of the company. The maturity of bonds is 10 years from the date of issuance.
“This program is a framework tool, which enables the company on the basis of separate decisions of the corporate management bodies to implement the exchange-traded bonds”, commented RIA “news” the official representative “Rosneft”.
According to him, “the proceeds of the bonds will be used to Finance foreign projects of the company investment program in new production assets of PJSC “NC “Rosneft”, as well as the planned refinancing of previously attracted loans and bond loans in accordance with the parameters of the business plan.”
Bonds issued under the program will occur in separate installments according to the schedule of investments and refinancing of scheduled repayments of current liabilities and will not have a significant impact on the total amount of debt Rosneft. The Board of Directors also approved the possibility of the conclusion of the subsidiaries of Rosneft of the transactions for the purchase of bonds to be issued under the programme, said a company representative.
In addition, the Board of Directors approved the transaction with “Gazprom” on the organization of placement of bonds to 173.2 million roubles and deal with the Bank to provide services of underwriting and brokerage services. The maturity of the bonds is set at 3640 days, reports TASS.
The placement of bonds of “Rosneft” will have a major impact on the dynamics of Bank lending and the level of interest rates, if agreed upon between the participation of banks in the placement, the Director of the Center for structural research Institute for economic policy. Gaidar Mikhail Khromov. “This is a significant amount to the credit market and more will have a negative impact on the internal market and on the ability of other players to stay in the market”, – he said the Agency RBC. According to Khromov, the prospects for a successful one-stage placement even in the presence of anchor investors is questionable.
Recall that in December 2014, Rosneft placed 14 issues of exchange bonds for a total of 625 billion rubles. The transaction became record on volumes at the Russian debt market.
Five days after the December placement for the ruble came “black Tuesday”: during the auction of December 15, the ruble began to fall, the decline continued and on 16 December, the Euro reached 100 rubles, dollar – 80 rubles.
In “Rosneft” refused to comment on who purchased the paper. Ex-Finance Minister Alexei Kudrin saidthat “Rosneft” has received 625 billion rubles from the Central Bank, and the market rumors that the company came out with them on the currency market.
In “Rosneft” this information have denied. However, the head of the Central Bank Elvira Nabiullina acknowledgedthat the deal was “opaque” and became one of the factors that contributed to the devaluation of the ruble in December 2014. The head of the state company Igor Sechin these charges are disproved, stating that “Rosneft” on the contrary, sought to stabilize the monetary system of the country.