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04.04.2007 - MDM Comment: CBR to add more Eurobonds to its repo list

Interfax reported yesterday that the Russian Central Bank is shortly due to expand its repo list by adding more Eurobonds issued by Russian corporates and banks. As of now, on the Eurobond side, the list mainly includes issues of quasi-sovereign names like Gazprom, VTB, Sberbank, RSHB, etс. That is not particularly helpful, and the Central Bank acknowledges that very few people have yet used this channel of refinancing. The reasons are quite obvious: First, the CBR's repo is only available to locally registered banks, and these institutions usually do not hold high-grade, low-yielding names in their portfolios any more; Second, the available CBR’s repo rate (6.25%+ overnight) is not attractive compared to what is available in the market.
Now, according to Interfax, the list will include the bonds of higher yielding bank names: MDM Bank (MDMBK), Promsvyazbank (PROMBK), Trust (TIBRU), AK BARS (AKBARS), International Industrial Bank (IIBRU), and Petrocommerce (PETRRU). As some of these are offering good double digit yields and are not easy to refinance in the market, their addition to the Central bank’s repo list may provide support in terms of prices.

04.04.2008 16:14
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