В крупных фондах вырос объем рисковых бумаг

В крупных фондах вырос объем рисковых бумаг

Фото:
Евгений Павленко /
Коммерсантъ

Несмотря на ужесточение регуляторных требований по размещению накоплений в высокорисковые активы, ряд крупных негосударственных пенсионных фондов (НПФ) нарастил вложения в ипотечные сертификаты участия (ИСУ). В НПФ объясняют это сделками по приобретению небольших игроков. Разбираться с подобным наследством придется быстро, чтобы не провалить стресс-тесты ЦБ.

Данные об объеме ИСУ в портфелях пенсионных накоплений содержатся в отчетности по российским стандартам (РСБУ) за 2016 год, которую на своих сайтах ко вчерашнему дню раскрыли большинство НПФ из топ-10 по активам. «Ъ» использовал также актуарные заключения. Значительный объем ИСУ обнаружен у нескольких крупных игроков: НПФ «Сафмар» (15,5 млрд руб.) и дружественного ему НПФ «Доверие» (9,3 млрд руб.), НПФ РГС (15,8 млрд руб.), НПФ «Будущее» (18,5 млрд руб.).

Примечательно, что по итогам 2015 года у «Сафмара» в портфеле ИСУ не было. В «Сафмаре» отмечают, что ИСУ перешли фонду по результатам слияния нескольких НПФ группы (так, НПФ «Европейский» держал ИСУ на 16,9 млрд руб.), за первый квартал доли ИСУ в портфелях обоих фондов («Сафмар» и «Доверие») снизились примерно вдвое. У НПФ «Будущее» объем ИСУ за год вырос на 7,5 млрд руб. «Объем ИСУ НПФ «Будущее» вырос исключительно вследствие сделок M&A,— подчеркивает гендиректор НПФ «Будущее» Николай Сидоров.— Сокращение доли ИСУ предусмотрено в рамках сроков, установленных ЦБ». Работают над сокращением объема ИСУ и в НПФ РГС. Там сообщили, что на текущий момент объем инвестиций ИСУ сократился до 12,9 млрд руб. «Доля бумаг ИСУ в текущем объеме портфеля пенсионных накоплений под управлением НПФ РГС составляет около 7%»,— сообщили в пресс-службе фонда.

Допустимую долю высокорисковых вложений в портфеле пенсионных накоплений НПФ Банк России последовательно снижает в течение последних лет (см. «Ъ» от 10 марта). Отношение к ИСУ у Банка России резко ухудшилось после краха финансовой группы Анатолия Мотылева в середине 2015 года. В итоге к июлю 2016 года допустимая доля ИСУ в портфеле НПФ сократилась в четыре раза, до 10%. Ранее купленные бумаги в случае получения качественной оценки фонды пока могут держать до погашения, но к 1 июля 2019 года они должны быть выведены из портфеля накоплений.

Без крайней необходимости НПФ не будут спешить с выходом из ИСУ, уверен управляющий директор по корпоративным рейтингам «Эксперт РА» Павел Митрофанов. «С учетом низкой ликвидности таких бумаг срочная их продажа чревата высоким дисконтом и, как следствие, убытками,— поясняет господин Митрофанов.— Доходность по ИСУ в ряде случаев составляет ключевая ставка плюс 5% (сейчас 14,75% годовых.— «Ъ»), поскольку в них активы с повышенным риском и кредит, выданный по довольно высоким ставкам».

Однако серьезная проблема ИСУ — непрозрачность. «В лучшем случае обеспечение по кредиту — генерирующая стабильный поток арендных платежей недвижимость, но рентный доход едва ли перекроет ставки по депозитам,— говорит директор группы рейтингов финансовых институтов АКРА Юрий Ногин.— Однако для НПФ такие бумаги дают возможность фондирования дружественных банков, и форсировать их замещение НПФ не будут».

При этом возможности пересидеть в ИСУ до их погашения становятся все более нетривиальной задачей. Накануне ЦБ анонсировал старт стресс-тестирования НПФ. На добровольной основе оно вводится со второго полугодия этого года, обязательным станет с февраля 2018 года. Тем НПФ, кто провалит стресс-тесты, предстоит либо заместить проблемные активы, либо докапитализировать НПФ (см. «Ъ» от 11 апреля).

С учетом того что все высокорисковые вложения в ходе стресс-тестов с высокой вероятностью обесценятся до нуля, сохранение ИСУ может стать дорогим удовольствием для бенефициаров фонда. «Вместо ипотечных сертификатов НПФ смогут вложить пенсионные накопления в недвижимость, приобретая паи паевых инвестиционных фондов (ПИФов) для неквалифицированных инвесторов, с оценкой от надежного оценщика. Инвестиционные фонды имеют более четкое и понятное, нежели ИСУ, регулирование»,— отметили в пресс- службе ЦБ. Добавив, однако, что доля паев и иных активов, имеющих повышенную степень риска, также «будет ограничена 10%».

Источник: kommersant.ru

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