Dom.RF for the first time issued mortgage bonds secured by loans under equity participation agreements
[ad_1]
“Dom.RF” for the first time issued mortgage bonds secured by loans under equity agreements, which account for more than a third of the mortgage market. Before the change in legislation last year, it was very difficult to do this, now it will be possible to securitize, including preferential mortgages. Market participants believe that the new instrument with a floating rate will allow holders of long bonds to insure against changes in yield.
At the end of last week, Dom.RF announced that for the first time it had securitized mortgages with pledge of rights under equity participation agreements (DDU): “Issue of mortgage bonds guaranteed by Dom.RF in the amount of 17.4 billion rubles. secured by loans from the bank “Dom.RF”. Based on the results of the collection of the order book, the coupon rate on bonds was set at the level of “the key rate of the Bank of Russia + 0.9%”.
According to Elena Muzykina, director of the Securitization division of Dom.RF, the potential for securitization in the primary housing market is enormous. “Until recently, mortgages on loans for apartments in houses under construction were practically not issued, although by the end of 2022, every third mortgage was for new buildings,” she clarifies. Dom.RF expects an increase in securitization volumes in the segment. Aleksey Kosyakov, deputy chairman of the board of Dom.RF Bank, added that the credit institution was “among the first to scale mortgage transactions in the primary market with the issuance of an electronic mortgage.”
According to Dom.RF, the issuance of various electronic mortgages in 2022 increased by 80% compared to 2021 – 212 thousand documents were issued for 672.5 billion rubles. At the same time, the share of issuance of electronic mortgages in the total issuance of loans remains low – about 14%, and the portfolio of electronic mortgages does not exceed 5% of mortgages.
In Dom.RF, such a low percentage was attributed to the fact that last year almost no electronic mortgages were issued for loans for the purchase of housing under construction, as well as for the purchase or construction of individual houses: “These segments in 2022 amounted to 43% of general issuance of mortgages.
Bankers also consider the securitization of new buildings under DDU a promising direction. According to Sergei Mikhailov, Director of the Investment and Trade Department of Absolut Bank, this practice is “certainly interesting to the market, as it speeds up the receipt of funding by securitization originating banks.” Transactions were made possible by changes made to the law on mortgage-backed securities at the end of 2022, he explains.
Olga Kovalenko, head of the Mortgage Lending Department at Sovcombank, notes that now, after registering the borrower’s ownership, Rosreestr must independently notify the lending bank, and the bank unilaterally prepares a mortgage agreement, which changes the type of pledged right, and sends it for registration: “This is very convenient, no need to once again attract a client to issue a mortgage. According to her, in June Sovcombank also began issuing electronic mortgages on new buildings and already sees in the mechanism “a huge potential for subsequent securitization.”
“Banks have been considering the possibility of securitizing mortgages for new buildings for a long time to expand the possibilities of refinancing their mortgage portfolio, but such transactions have not been carried out before due to additional operational difficulties in issuing mortgages,” explains Leonid Belchenko, director of structured finance ratings at Expert RA. as the underlying assets under the securitization transaction of mortgages issued under preferential mortgage programs, allows you to issue mortgage-backed securities with a floating rate tied to the key rate of the Central Bank. Such bonds, according to him, are of interest to “a wide range of market investors, allowing you to hedge the risk of rising rates in the market for the period of circulation of securities.”
Artem Mayorov, director of the asset management department at Ingosstrakh-Investments Management Company, notes that for investors there is practically no difference between ordinary mortgage bonds and secured mortgages under DDU – the profitability and risks are identical, the quality of mortgages is checked by Dom.RF, and it also provides a buyback guarantee overdue portfolio. More interesting, he adds, is “to see mortgage-backed securities issued entirely on suburban real estate.”
[ad_2]
Source link