The possibility of a financial restructuring of the Bank “Peresvet” is still in question. As has told a source close to the Bank, the procedure of conversion of creditors to “closest distance” to subordinated bonds under the potential procedure of bail-in on the current terms (15 years at a rate of 0.51% per annum) is expressed lenders concentrated about RUB 71 billion of claims against the Bank. This information was confirmed by a source close to the creditors “Peresvet”.
Under the full or partial bail-in in saving Bank involves not only the government and the Bank-sanator, but also creditors of the troubled credit institution ruzmetova it means on accounts and deposits, as well as the bondholders. Converting your requirements to a Bank in subordinated bonds, they freeze your funds in it, while increasing its capital and thereby promoting healing. As previously mentioned , it is planned to convert the funds creditors with claims against the Bank amount from RUB 500 million, to exchange for subordinated debt is planned to 85-90% of their claims, and the rest they return the cash. The amount of assistance the Bank will become clear, once the uncertainty about total amount of debt, ready to convert.
The problem is that the scale of the potential conversion to 71 billion rubles, which is ready to go lenders “Peresvet” are insufficient to close the hole in the Bank’s balance sheet, indicate the interlocutors . As previously approved by the shareholders of the “overexposure” issue terms of the subordinated bonds, which is expected to convert the claims of creditors, the amount of conversion 125 billion RUB; RUB 71 billion is 56.8% of the required amount.
As previously reported , if you need to bail-in amount of the creditors to agree to freeze their funds through a conversion is not reached, the Central Bank for its part funding will not provide readjustment will be called into question. However, as explained by one of the bankers from among the Bank’s creditors, stringent requirements to collect the consent of creditors to all 125 billion rubles of the requirements for conversion into subordinated bonds no. You must obtain the consent of the holders of 70% of the debt “overexposure,” he explained. This is equivalent to the amount of claims in 87.5 billion. “Then there will be the usual procedure of debridement with the use and tools of the Central Bank. It is expected that the regulator will allocate no more than 20-30 billion rubles., the rest of the holes will be closed by the creditors,” he said.
However, despite the lack of at the moment, the willingness of creditors to save the Bank together with the Central Bank, the chances of his readjustment saved. As it turned out , while not all creditors received the proposal to participate in the scheme rehabilitation of the Bank. According to statements of the Bank “Peresvet” on his accounts, placed the funds structure “inter RAO” and “RusHydro”. In addition, as previously mentioned , bonds of the Bank “Peresvet” are actively buying banks and large pension funds. Among the largest holders of debt, “Peresvet” they called the group “Discovery”, Rosselkhozbank, Tatfondbank, Bank “Zenit”, Sovcombank, the structure of the Bank and O1. In Rosselkhozbank reported that the Bank will consider the proposed options after receiving the proposal of debt restructuring or rehabilitation method “Peresvet”. A source close to O1, also said that the group had not received the offer to convert bonds “Peresvet” in subordinated debt. Creditors who have agreed to have an informal chat with not led to explain why not everyone got the offer to participate in bail-in “overexposure”. In the “Discovery” and “Zenith” have refused comments, in other credit institutions did not respond to a request . In a press-service “RusGidro” also declined to comment.
CB representative also declined to comment on the situation, citing the fact that the Governor traditionally does not comment on existing credit organization.