Занимать в России стало слишком дорого

Занимать в России стало слишком дорого

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По итогам марта российские компании заняли на внешнем рынке рекордный за последние три года объем средств — $3,8 млрд. Низкие ставки за рубежом на фоне сохраняющейся мягкой политики Федеральной резервной системы США позволяют российским заемщикам рефинансировать старые долги. Вместе с тем внутренние ставки российского рынка, которые во многом ориентируются на ключевую ставку ЦБ, пока не способствуют росту активности эмитентов в секторе рублевых облигаций.

Предварительные данные агентства Cbonds свидетельствуют о том, что корпоративные заемщики резко увеличили активность на первичном рынке еврооблигаций. В марте они привлекли почти $3,8 млрд, что на 54% больше показателя февраля и вшестеро больше, чем в марте 2016 года. Всего за первый квартал компании привлекли на внешнем рынке более $6,8 млрд. Такого успешного месяца в сегменте еврооблигаций у российских корпоративных заемщиков не было с февраля 2014 года, когда объем привлечения составил $3,97 млрд.

Ситуация на долговом рынке в значительной степени определяется низкими ставками. По словам главы управления рыночных исследований и аналитики Росбанка Юрия Тулинова, за последние два года доходности российских долговых инструментов сжались до уровней, весьма привлекательных для эмитентов, в том числе благодаря отсутствию новых сделок на первичном рынке. Так, доходность долларовых еврооблигации «Газпрома» с погашением в 2028 году снизилась с 7,65% годовых в конце 2014 года до 4,9% годовых в настоящее время. «Для эмитентов сейчас привлекательное время для рефинансирования либо досрочного погашения задолженности, приходящейся к погашению в 2017-2020 годах»,— считает господин Юрий Тулинов.

Несмотря на снижение ставок, иностранные инвесторы продолжают с интересом смотреть на вложения в долговые инструменты российских эмитентов. «Международный рынок долгового капитала сохраняет стабильный спрос на выпуски российских эмитентов, так как это одни из самых привлекательных бумаг с точки зрения надежности и доходности»,— считает руководитель управления рынков долгового капитала «ВТБ Капитала» Андрей Соловьев. В сочетании со сдержанными комментариями представителей Федеральной резервной системы (ФРС) США по поводу дальнейшего увеличения ключевой ставки это способствовало росту интереса иностранных инвесторов к заимствованиям российских компаний. «Взвешенный подход ФРС по дальнейшей политике изменения ставки оказал благоприятное воздействие на ожидания инвесторов и укрепил интерес к покупке российских бумаг»,— отмечает Андрей Соловьев. По словам главного аналитика долговых рынков БК «Регион» Александра Ермака, мягкая риторика представителей ФРС способствовала росту интереса инвесторов к риску на всех долговых рынках.

Несмотря на высокую активность эмитентов на внешнем рынке, на внутреннем они ведут себя более сдержанно. За месяц корпоративные заемщики привлекли в России менее 135 млрд руб., что всего на 14% выше значения февраля и на 16% больше привлечений в марте 2016 года. Относительно невысокий показатель был обусловлен «паузой», взятой эмитентами в первой половине месяца перед заседаниями ФРС США и Банка России, а также стал результатом ухудшения конъюнктуры в конце февраля. К тому же эмитенты не спешат выходить на рынок в расчете на дальнейшее снижение ставок. «Существенное замедление темпов инфляции, наблюдаемое в последние месяцы, позволяет позитивно смотреть на возможность дальнейшего плавного снижения ключевой ставки Банком России. Это может положительно сказаться на повышении активности эмитентов на рублевом долговом рынке»,— отмечает Александр Ермак.

Но в ближайшие месяцы участники рынка ждут сохранения высокой активности только на внешнем рынке. По словам Юрия Тулинова, если ФРС США не преподнесет негативных сюрпризов, размещение еврооблигаций продолжится. «Скорее всего, объемы размещений апреля превысят показатели марта»,— оценивает ситуацию Андрей Соловьев. Ранее в «ВТБ Капитале» отмечали, что в апреле готовятся провести до десяти сделок на рынке еврооблигаций.

Источник: kommersant.ru

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130 комментариев

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