Российские компании успешно продают еврооблигации

Российские компании успешно продают еврооблигации

Фото:
Александр Миридонов /

Коммерсантъ

По итогам февраля российские компании привлекли на внешнем публичном рынке рекордный объем с октября прошлого года — около $2,5 млрд. Высокую активность вновь проявляли иностранные инвесторы, которые вкладывают средства, полученные от погашения других выпусков российских эмитентов. При этом участники рынка ожидают сохранения высокой активности российских компаний на ожидании подъема ключевой ставки ФРС США.

По предварительным данным агентства Cbonds, корпоративные заемщики после небольшого затишья в начале года резко увеличили привлечение через еврооблигации. В феврале прошло шесть размещений на общую сумму почти $2,5 млрд. Это максимальный объем привлечений с октября прошлого года ($3,4 млрд) и третий результат с предсанкционного июня 2014 года ($3,2 млрд).

Восстановлению активности корпоративных эмитентов на первичном рынке способствовало улучшение рыночной конъюнктуры. По словам руководителя отдела анализа долговых рынков Sberbank Investment Research Алексея Булгакова, после краткосрочной коррекции ставок, вызванной победой Дональда Трампа на президентских выборах в США, в январе 2017 года их снижение возобновилось. «Доходности еврооблигаций эмитентов даже с рейтингами В+ снизились до уровней, меньших, чем ставки по валютным кредитам российских банков, что сделало выгодным их замещение за счет рыночных заимствований»,— отмечает господин Булгаков. Это в сочетании с усилившимися опасениями повышения базовой ставки ФРС США подтолкнуло эмитентов активнее занимать на первичном рынке. По словам главного аналитика долговых рынков БК «Регион» Александра Ермака, «наши эмитенты решили поторопиться с выходом на рынок, используя полученные средства преимущественно для рефинансирования существующих долгов».

При этом если осенью прошлого года основными покупателями были российские инвесторы, то в текущем году выросла активность со стороны традиционных инвесторов — иностранных. «Во время последних размещений еврооблигаций российских эмитентов мы отметили растущий спрос со стороны иностранных инвесторов. В этом году ожидается значительное количество погашений по еврооблигациям российских эмитентов, и инвесторы захотят инвестировать данные средства в новые выпуски. Безусловно, это способствует росту интереса иностранных инвесторов к российским еврооблигациям»,— отмечает руководитель управления рынков долгового капитала компании «ВТБ Капитал» Андрей Соловьев. Стабилизация курса рубля, цен на нефть и общей макроэкономической ситуации в России также оказывает влияние на выбор иностранных инвесторов в пользу российского риска. При этом в некоторых размещениям иностранцы стали ключевыми покупателями (евробонды «Северстали» приобрели более 90% иностранцев). Однако это скорее исключение из правила. «Структура инвесторов в каждом конкретном размещении начала 2017 года сильно варьировалась и в основном зависела от прайсинга — иностранные инвесторы имеют большую чувствительность по цене и сокращают заявки раньше российских при существенном снижении ориентира доходности»,— отмечет Алексей Булгаков.

В таких условиях участники рынка не исключат сохранения активности эмитентов в марте. «Очевидно, что при сохранении благоприятной конъюнктуры многие российские компании, которые не находятся под санкциями, могут последовать примеру прошедших размещение, так как спрос на предлагаемые облигации был очень высоким, а ставки ниже, чем ожидали эмитенты и организаторы»,— отмечает Александр Ермак. По словам Андрея Соловьева, российские эмитенты будут активно выходить на международные рынки долгового капитала в первом полугодии 2017 года. По его словам, разовое повышение ставки не окажет очень сильного влияния на рынок. «Большинство участников финансового рынка ожидают повышения ставки ФРС, но мы не считаем, что это окажет значительное влияние на рост стоимости заимствования для российских эмитентов»,— отмечает господин Соловьев.

Источник: kommersant.ru

cript>

131 комментарий

I am no longer sure where you’re getting your information, but great topic. I must spend a while studying more or working out more. Thanks for excellent information I used to be searching for this info for my mission.|

You are so cool! I do not believe I’ve read something like this before. So good to discover another person with some original thoughts on this topic. Seriously.. many thanks for starting this up. This website is one thing that is required on the web, someone with some originality!|

Admiring the hard work you put into your blog and detailed information you present. It’s nice to come across a blog every once in a while that isn’t the same outdated rehashed information. Fantastic read! I’ve saved your site and I’m adding your RSS feeds to my Google account.|

Hi there just wanted to give you a brief heads up and let you know a few of the images aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different browsers and both show the same outcome.|

Good day! This is kind of off topic but I need some guidance from an established blog. Is it very difficult to set up your own blog? I’m not very techincal but I can figure things out pretty quick. I’m thinking about making my own but I’m not sure where to begin. Do you have any points or suggestions? Thanks|

Just wish to say your article is as astounding. The clarity in your post is just excellent and i can assume you’re an expert on this subject. Fine with your permission let me to grab your feed to keep updated with forthcoming post. Thanks a million and please keep up the enjoyable work.|

I was very happy to uncover this web site. I wanted to thank you for your time just for this fantastic read!! I definitely loved every part of it and I have you bookmarked to look at new information on your site.|

Good day! I could have sworn I’ve been to this website before but after reading through some of the post I realized it’s new to me. Anyhow, I’m definitely glad I found it and I’ll be book-marking and checking back frequently!|

First off I would like to say excellent blog! I had a quick question that I’d like to ask if you do not mind. I was curious to find out how you center yourself and clear your head prior to writing. I have had a tough time clearing my mind in getting my thoughts out. I do take pleasure in writing however it just seems like the first 10 to 15 minutes tend to be wasted simply just trying to figure out how to begin. Any recommendations or hints? Many thanks!|

Hello! I know this is kinda off topic but I was wondering which blog platform are you using for this site? I’m getting fed up of WordPress because I’ve had problems with hackers and I’m looking at alternatives for another platform. I would be fantastic if you could point me in the direction of a good platform.|

This is very interesting, You are a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your website in my social networks!|

Hey I am so grateful I found your webpage, I really found you by mistake, while I was researching on Aol for something else, Anyhow I am here now and would just like to say thank you for a tremendous post and a all round entertaining blog (I also love the theme/design), I don’t have time to look over it all at the minute but I have bookmarked it and also included your RSS feeds, so when I have time I will be back to read a lot more, Please do keep up the awesome work.|

Hi there, i read your blog from time to time and i own a similar one and i was just wondering if you get a lot of spam remarks? If so how do you protect against it, any plugin or anything you can advise? I get so much lately it’s driving me mad so any assistance is very much appreciated.|

Fantastic blog! Do you have any tips and hints for aspiring writers? I’m planning to start my own blog soon but I’m a little lost on everything. Would you advise starting with a free platform like WordPress or go for a paid option? There are so many options out there that I’m totally confused .. Any tips? Bless you!|

Attractive element of content. I simply stumbled upon your weblog and in accession capital to claim that I get actually enjoyed account your weblog posts. Any way I will be subscribing in your augment and even I success you get admission to consistently quickly.|

Pretty element of content. I just stumbled upon your blog and in accession capital to say that I acquire actually loved account your blog posts. Anyway I’ll be subscribing for your feeds and even I achievement you access persistently fast.|

I have been browsing online more than 4 hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. In my view, if all site owners and bloggers made good content as you did, the internet will be much more useful than ever before.|

Simply desire to say your article is as amazing. The clearness in your post is just excellent and i could assume you’re an expert on this subject. Well with your permission let me to grab your RSS feed to keep up to date with forthcoming post. Thanks a million and please carry on the gratifying work.|

Pretty section of content. I just stumbled upon your blog and in accession capital to assert that I acquire actually enjoyed account your blog posts. Anyway I’ll be subscribing to your augment and even I achievement you access consistently fast.|

My brother suggested I might like this website. He used to be entirely right. This submit truly made my day. You can not believe simply how much time I had spent for this information! Thanks!|

I’m curious to find out what blog system you’re using? I’m experiencing some minor security problems with my latest site and I’d like to find something more safe. Do you have any suggestions?|

Do you mind if I quote a couple of your posts as long as I provide credit and sources back to your website? My blog is in the exact same area of interest as yours and my users would genuinely benefit from a lot of the information you present here. Please let me know if this okay with you. Thanks!|

I just like the helpful info you provide in your articles. I will bookmark your weblog and check again right here regularly. I’m quite certain I will be informed many new stuff proper here! Best of luck for the next!|

Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.|

Wonderful beat ! I wish to apprentice whilst you amend your web site, how can i subscribe for a weblog site? The account aided me a applicable deal. I have been tiny bit familiar of this your broadcast provided shiny transparent concept|

Hello There. I found your blog using msn. This is a very well written article. I’ll make sure to bookmark it and come back to read more of your useful info. Thanks for the post. I’ll certainly comeback.|

I blog often and I truly thank you for your content. The article has really peaked my interest. I will take a note of your site and keep checking for new information about once a week. I opted in for your RSS feed as well.|

This design is incredible! You most certainly know how to keep a reader entertained. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Great job. I really enjoyed what you had to say, and more than that, how you presented it. Too cool!|

I really love your website.. Pleasant colors & theme. Did you build this website yourself? Please reply back as I’m planning to create my own website and would like to learn where you got this from or exactly what the theme is called. Thank you!|

What’s Happening i’m new to this, I stumbled upon this I’ve found It absolutely useful and it has aided me out loads. I am hoping to contribute & assist other customers like its aided me. Good job.|

This is the right webpage for everyone who wants to understand this topic. You understand so much its almost hard to argue with you (not that I really would want to…HaHa). You certainly put a fresh spin on a topic which has been written about for years. Wonderful stuff, just wonderful!|

Hi there! This blog post could not be written any better! Reading through this article reminds me of my previous roommate! He continually kept talking about this. I will forward this post to him. Fairly certain he’ll have a good read. I appreciate you for sharing!|

Hey would you mind sharing which blog platform you’re working with?
I’m planning to start my own blog soon but I’m having a difficult time choosing between BlogEngine/Wordpress/B2evolution and
Drupal. The reason I ask is because your design seems different then most
blogs and I’m looking for something unique.
P.S Apologies for getting off-topic but I had to ask!

Hi there, just became aware of your blog through Google, and found that it is truly informative. I’m going to watch out for brussels. I’ll appreciate if you continue this in future. A lot of people will be benefited from your writing. Cheers!|

Admiring the time and effort you put into your site and in depth information you provide. It’s good to come across a blog every once in a while that isn’t the same outdated rehashed material. Fantastic read! I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.|

Hmm it appears like your blog ate my first comment (it was extremely long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog blogger but I’m still new to the whole thing. Do you have any tips and hints for inexperienced blog writers? I’d really appreciate it.|

Excellent post. I was checking constantly this weblog and I’m inspired! Very helpful information specifically the remaining part 🙂 I maintain such info a lot. I was looking for this certain information for a very lengthy time. Thanks and best of luck. |

Does your website have a contact page? I’m having problems locating it but, I’d like to shoot you an e-mail. I’ve got some suggestions for your blog you might be interested in hearing. Either way, great blog and I look forward to seeing it expand over time.|

May I just say what a relief to uncover someone who actually knows what they’re discussing online. You definitely know how to bring an issue to light and make it important. More and more people must read this and understand this side of the story. I was surprised you’re not more popular since you certainly have the gift.|

I know this if off topic but I’m looking into starting my own weblog and was curious what all is needed to get set up? I’m assuming having a blog like yours would cost a pretty penny? I’m not very internet savvy so I’m not 100% sure. Any tips or advice would be greatly appreciated. Thank you|

Definitely believe that which you said. Your favorite
justification appeared to be on the web the easiest thing to be aware of.

I say to you, I certainly get annoyed while people consider worries that they just
do not know about. You managed to hit the nail upon the top and
defined out the whole thing without having side effect , people can take a signal.
Will likely be back to get more. Thanks

Hi! I’m at work browsing your blog from my new
iphone! Just wanted to say I love reading your blog and look forward to all your
posts! Keep up the outstanding work!

I’d like to thank you for the efforts you have put
in writing this blog. I’m hoping to check out the same high-grade content from you later
on as well. In truth, your creative writing abilities has motivated me to get my very own blog now 😉

Good day very cool blog!! Guy .. Excellent .. Wonderful ..
I will bookmark your site and take the feeds additionally?
I’m satisfied to search out a lot of useful information right here within the submit, we’d like develop more strategies in this regard, thank you
for sharing. . . . . .

Wonderful blog! I found it while surfing around
on Yahoo News. Do you have any suggestions
on how to get listed in Yahoo News? I’ve been trying for
a while but I never seem to get there! Thank you

Wow that was strange. I just wrote an extremely long comment but after I clicked submit my comment didn’t show up.

Grrrr… well I’m not writing all that over again.
Anyhow, just wanted to say excellent blog!

We absolutely love your blog and find almost all of your post’s to be just what
I’m looking for. Do you offer guest writers to write content to suit your needs?
I wouldn’t mind producing a post or elaborating on some of the subjects you write regarding here.
Again, awesome website!

Добавить комментарий

*