Exchange-traded bonds of Roskosmos will be issued with state support

Roskosmos will enter the public borrowing markets with a program of exchange-traded bonds in the amount of no more than 50 billion rubles, secured by state support, said Andrei Yelchaninov, First Deputy General Director of the state corporation.

“The bonds planned to be issued will be backed by government support. Obtaining state support for the placement of exchange-traded bonds is an important condition, taking into account the peculiarities of the functioning of the state corporation Roscosmos and the duration of projects, ”the press service of the state corporation quotes him as saying.

Now Roskosmos is additionally working on the issue of obtaining subsidies for coupon income, Yelchaninov added. He also stressed that the placement of bonds will take place gradually – as projects are selected under favorable market conditions, so there will be no one-time increase in the debt burden of the state corporation. In 2023, the volume of the planned debut issue is estimated at 10 billion rubles.

Projects to be financed from the funds raised from the placement of exchange-traded bonds will be carefully selected and approved by the state corporation’s supervisory board. Their selection will take into account the significance for the state, the development of Roskosmos and related industries, the projected profitability and payback periods of projects, as well as the liquidity and sufficiency of funds to fulfill its obligations from the company that initiated the project.

With borrowed funds, Roscosmos plans to build two factories for the serial production of satellites, told previously CEO of the state corporation Yuri Borisov in an exclusive interview with Vedomosti. Now all Russian enterprises produce 15 satellites a year, this is not enough, he said then. “Today, Elon Musk produces six spacecraft a day, plans to create a constellation of as many as 42,000 satellites by 2030. China’s production capacity is over 500 satellites per year,” said the head of Roscosmos.

According to Borisov, at the turn of 2025-2026. Russia should produce 200-250 satellites per year, and by 2030 – at least one satellite per day. He hopes that private companies will be able to help state corporations achieve these goals.