Six weeks after the completion of the privatization of 19.5% of “Rosneft” their questions to the deal put the analysts of the international rating Agency Fitch. They do not understand the scheme funding requirements of the transaction and pattern of distribution of financial risk, as well as the possible role of bonds of “Rosneft” on 600 billion rubles., issued before the transaction, it follows from the materials submitted by Fitch on 15 February at the event on oil and gas sector, reports .
According to the company Glencore (together with Qatari Fund QIA is part of the consortium for the purchase of shares in “Rosneft”), the participation of private money in the capital of Rosneft amounted to only €300 million, or 0.54% of shares of “Rosneft”. Share QIA — €2.5 billion While Glencore and QIA own package of “Rosneft” on an equal footing. The remaining €7.4 billion provided to the creditor banks (€5.2 billion — the Italian group Intesa, another €2.2 billion — Russian banks, which are still unknown).
“I am concerned about equity, participation Glencore in equity — 0,54%,” — shared with senior Director Fitch, Maxim Edelson, indicating that the ownership structure of the rest of 9.2% (the share of each partner must have a 9.75% stake in Rosneft. — ) remains unclear. Besides the fact that Glencore has cost so little risk for its own investments, it has provided Intesa to the pledgee as guarantee up to €1.4 billion in case of falling prices of Rosneft shares pledged as collateral, although some Russian banks have agreed to compensate Glencore for the amount.
“The question is, which banks, under what conditions? Very nice deal — you buy an asset and get a piece of insurance,” Edelson said at the conference (quoted by Reuters).
A separate question raised by Fitch, which role could play the bonds of “Rosneft” to 600 billion rubles, placed among an unknown number of creditors December 7, 2016, the day of the announcement of the agreements with the consortium. According to banking analysts Fitch ratings, these bonds could be “part of a structural transaction” — could be used as collateral.
earlier it was reported that VTB Bank in mid-December, has provided interim funding to 692 billion rubles Singapore QHG Shares, the balance of which in the end turned out to be 19.5% of Rosneft shares. QHG Shares — joint venture owned on a parity basis to companies in the Glencore group and the QIA, said in the quarterly report “Rosneft” for the October—December 2016.
“It is possible that the proceeds of the issue of bonds of “Rosneft” has actually secured bridge financing from VTB, with the participation of the Central Bank” — does not preclude Professor of Finance, University of Houston Craig, Pirrung, specializing in the analysis of commodity markets. Rosneft sells bonds, gets money that Rosneftegaz pays to the budget; VTB carries the paper to the Central Bank as collateral and receives a refinancing,” — says the expert. Bonds of “Rosneft” to 600 billion rubles were included into the Lombard list of the Central Bank on December 16.
“Structure of the deal suggests that paper was used as collateral, the question is where the money went, for what purpose, the money does not lie dormant,” said Edelson of Fitch. The catch is that these papers did not leave a trace in the banking system — portfolios of corporate securities, banks have not increased on banks ‘ balance sheets they are not visible, said Fitch.
Itself “Rosneft” said that the money from the issue will be used to Finance foreign projects of the company and the planned refinancing of credits and loans.
The representative of Rosneft declined to comment. The representative of Glencore at the time of publication had not responded to the request . On a request made late in the evening in the CBA to answer so far failed.
With the participation of Alina Fadeeva.