The Bank “Opening” began collecting investor applications for the purchase of a three-year structural OTC bonds linked to the dollar, reported the press service of the credit institution. Close the book, the Bank plans on January 31.
Investors are offered securities with a fixed coupon of 0.01% per annum. Additional yield (12.9% per annum), the bondholders can obtain, if at the time of repayment, the dollar will exceed RUB 62 In the case of a significant strengthening of the dollar (up to 73 rubles and above) investors promise to pay yield up to 17.7% per annum. If at the time of redemption of the bonds the dollar on the Moscow exchange will cost below 62 rubles, additional income investors receive, moreover, they will have to pay 1% of the amount as Commission.
In the “Discovery” claim that the buyers of the bonds will in any case benefit from the paper are available only to owners of Individual investment accounts (IMS). Under the law, they are entitled to a tax deduction on income earned from investments in debt instruments. According to the Moscow exchange, in January, the number of citizens who discovered the IMS has exceeded 200 thousand people.
“This is the first sentence of the “Discovery” of structural bonds on the market, designed for retail customers”, — said a member of the Board of Bank Konstantin Tserazov. He said that potential buyers of the bonds may become citizens waiting in the short term growth of the dollar. “The tool allows you to hedge their ruble savings from the devaluation of the ruble,” — he added.
Not for the first time, banks offer their customers bonds whose yield is tied to the exchange rate. In December 2016, the savings Bank issued structural bonds for 1 billion roubles, tying them to the dollar. To earn on these securities, investors will be able only with a moderate growth of the U.S. currency: not more than 72 RUB on the maturity date.
Also in February 2016 structural bonds, whose income is tied to the shares of “Yandex”, with a volume of 1 bn RUB. released ROSBANK, and in may its programme of structural bonds for 10 billion rubles was presented to the RAB. The Bank promised investors a yield of 11.75 to 12.75% per annum, while the underlying asset on securities was to be bonds of other Bank — Peresvet. However, the placement of these securities did not take place.
The issue meets the criteria for investment of pension savings NPF, highlighted in the presentation to investors. Key investors, which calculates Rosselkhozbank, is a non — governmental pension funds, management companies and banks, said in the presentation.
Structured products offer their customers the major brokers — BCS and Finam. “Client will be able to choose a product with a certain level of risk, its profitability is tied to a particular asset,” said managing broker company BKS Andrey Aletdinov. He said that the greatest demand among private investors used structured notes that provide protection against default by a particular Issuer, as well as associated with growth stock companies.
The President-Chairman of the Board IK “Finam” Vladislav Kochetkov says that the advantage of structured products is that investors are given the opportunity to make any changes to the asset. “You can get a income if the dollar will rise slightly, if it will grow strongly, the income can also be great. Some structural products investors earning up to 70% per annum,” he said. However, the instruments with returns linked to certain threshold values in the exchange rate or value of the shares, the customers do not use, because they have too many “buts”, said Kochetkov.
“Brokers offer clients a variety of structured products, the yield tied to changes in the prices of certain assets, but this operation is usually carried out within one client. Banks generally rely on institutional investors. We believe that such hybrid instruments may become widespread,” — says Carasov. The term “Opening” also plans to produce structural bonds, yield of which can be tied to the cost of metals and the Moscow exchange indices.
Tarasov believes that such hybrid instruments may be in demand from investors with an average score of 100-400 thousand rubles.
However, market participants doubt that on bonds whose yield depends on the growth of the dollar will have high demand. “Now the share of sales of such products decreased to 15-20%, because the ruble has stabilized,” — said Kochetkov. In 2015, he said, when the foreign exchange market experienced increased volatility in sales of structural instruments with reference to the exchange rate of the ruble and the dollar was 50%.
“We do not recommend our customers to buy the products, the yield of which depends on the pair “dollar/ruble”, — said Aletdinov. According to him, the likelihood of losing your money for investors is high as the currency movements on the market now unpredictable.