Industry development goes to banks
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The Industrial Development Fund is preparing to sell part of its own loan portfolio for 20 billion rubles. Part of this portfolio was sold to Novikombank. Negotiations are underway with another 12 major credit institutions. Large banks confirm their interest in such assets, including taking into account a comfortable rate and the quality of customers. Experts note that sales of such portfolios can often take place at a discount.
Industry Development Fund (IDF) informed on the first transaction for the sale of part of the loan portfolio for 1.3 billion rubles. Novikombank. At the same time, the FRP noted that it retains control over the implementation of seven projects included in the pool.
“We are only talking about the transfer of loans, where the company has already launched production and actually implemented a project previously financed by the IDF. For all these borrowers, after the transfer of the portfolio to another bank, all preferential terms (rate, term, interest payment once a quarter) provided by the IDF when financing the project will be preserved,” Roman Petruta, director of the fund, said.
Elena Georgieva, Chairman of the Board of Novikombank, noted that the bank organizes financing for high-tech enterprises using the fund’s support programs. At the same time, according to her, when transferring the portfolio, the IDF will be provided with resources, “and banks will receive high-quality borrowers with a low level of risk for servicing.”
At present, the volume of the IDF loan portfolio is 263 billion rubles. Since 2015, the IDF has issued more than 1,350 loans totaling more than 400 billion rubles, of which more than 140 billion rubles – in 2022. For the implementation of new industrial projects, the IDF provides targeted loans at rates of 1% and 3% per annum for up to ten years in the amount of 5 million to 5 billion rubles. The IDF also co-finances projects requiring loans of up to RUB 200 million with regional IDFs at a ratio of 90% (federal funds) and 10% (regional funds).
The fund explained to Kommersant that Novikombank will receive compensation for lost income according to the formula “the key rate of the Central Bank plus 2 percentage points minus the FRP loan rate (that is, in the current conditions 6.5% or 8.5% per annum.— “b”)”. At the same time, the fund noted that any bank with a capital of at least 50 billion rubles can buy out the part of its portfolio offered for sale. and “substantive negotiations have already begun” with interested credit institutions. According to Kommersant’s estimate, according to the results of the first quarter of 2023, 25 banks that opened reports fell under this criterion.
The FRP is in an active negotiation phase with 12 banks to sell part of the portfolio, and several of them are at the final stage – preparations for transactions are underway.
The Fund expects to release this year “about 20 billion rubles. and direct them to finance new projects of industrial enterprises.
The banks that already know the fund’s clients showed the greatest interest, co-financed them or provided a bank guarantee for the project. “The interest is significant, since we are talking about the transfer of loans, where enterprises have already launched production and actually implemented projects, that is, with minimal risks,” the fund explained.
Novikombank confirmed to Kommersant that the offer was sent to several credit institutions. The bank clarified that they bought out “a pool of loans for 1.3 billion rubles. no discount.” They added that they are interested in expanding cooperation with the IDF and growing a high-quality corporate portfolio. According to the bank’s statements, as of March 31, 2023, the total net debt, measured at depreciation cost, amounted to RUB 758 billion. The PSB stated that they are working with the FRP and are considering the possibility of buying out part of its loans in the amount of up to 2 billion rubles. (the bank itself has not yet disclosed its first quarter results). VTB also said it was working on a similar deal, without disclosing details.
Experts note that, as a rule, in such transactions a certain discount on the body of the debt is assumed, which is received by the bank redeeming the loan portfolio. At the same time, Maxim Chernega, head of the DCM department of the corporate finance department at Tsifra Broker, draws attention to the fact that, being the supporting bank of the Rostec corporation, Novikombank also has a “social” function.
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