Issue of municipal Nikolaev bonds of investors won't interest?

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Issue of bonds of a local loan of the Nikolaev and Zaporozhye city councils won't be of interest to investors as too low rate of profitability on them is established, the analyst of Dragon Capital investment company (Kiev) Olga Slivinskaya considers.

"Considering liquidity crisis in the market, level of attractive profitabilities in corporate sector fluctuates in the wide range of 16-20%. For municipal sector releases, since 15% can be the attractive. Therefore, releases of Nikolaev and Zaporozhye under 12-13% won't represent real interest for investors, or real profitabilities of placement will be 100-200 bps higher", - the expert told Interfax — Ukraine agency.

At the same time, it didn't exclude possibility of repayment by diversifirovanny funds of small part of release as they are obliged to have to 10% of municipal bonds in the portfolio. O. Slivinskaya notes that possibility of placement of other municipal bonds for total amount of 429 million UAH will depend, first of all, on the chosen rates of profitability.

"Probably some releases will be postponed until the third quarter when we expect that the situation with liquidity in the market will improve", - the analyst predicts.

Earlier it was reported, the Ministry of Finance of Ukraine allowed the Nikolaev and Zaporozhye city councils to issue bonds of a local loan for the sum of 50 million UAH and 60 million UAH respectively.

It is planned that debut bonds of Nikolaev will be issued by three series: for two, three and five years on a rate not higher than 13% per annum. Thus the volume of the first series makes 10 million UAH, the second and the third - 20 million UAH Zaporozhye plans to issue bonds of three series also: "F", "G" and "H" - for the term, respectively, two, three and four years. Series "F" volume - 10 million UAH, "G" and "H" - 25 million UAH, a rate of profitability of all series - to 12% per annum.

Now there are unrealized coordinated with the Ministry of Finance at the end of the past year plans for placement by municipalities of bonds for total amount of 429 million UAH.Among them - Severodonetsk (20 million UAH), Borispol (9 million UAH), Lviv (200 million UAH), Vinnytsia (10 million UAH), Lutsk (30 million UAH), Lugansk (50 million UAH), and also the external credit of Kharkov for the sum up to $100 million under a rate to 9,5% per annum.

As participants of the market note, growth of interest rates this year calls into question into possibility of placement of municipal bonds on the declared rates.

Earlier it was reported that Pure City program financing has to become a main objective of a municipal loan.


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