Tinkoff is preparing to launch the first investment fund for replacement bonds
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The Bank of Russia and the management company Tinkoff Capital have agreed on the creation of a closed-end mutual investment fund (CUIF) that will invest in replacement bonds. Information about this appeared in the register of mutual funds (.xlsx). Attention was drawn to the updated register of the Bank of Russia Vedomosti.
A representative of the management company Tinkoff Capital confirmed the creation of the fund to the publication. It will be the first to invest exclusively in this type of bonds. According to a representative of Tinkoff Capital, the formation of the ZPIF will be completed in the first half of July. He clarified that the fund will invest in the best replacement bonds traded on the Moscow Exchange, and the manager will select them. After the formation is completed, the fund will go through the listing procedure on the stock exchange and will be available only to qualified investors.
According to Cbonds data cited by Vedomosti, replacement bonds worth $14.5 billion are currently in circulation. According to Aleksey Bulgakov, head of the debt market analytics department at Renaissance Capital, 84% of the volume is occupied by Gazprom issues. Replacement bonds on the Moscow Exchange were also issued by LUKOIL, Magnitogorsk Iron and Steel Works, Metalloinvest, Sovcomflot and Borets Capital.
May 22 Russian President Vladimir Putin signed Decree on the mandatory placement by Russian companies that have obligations associated with Eurobonds of replacement bonds until January 1, 2024. Currently, more than ten Russian issuers have not issued replacement bonds, in particular, the Ministry of Finance, MTS, Russian Railways, Norilsk Nickel, Severstal, Rusal, as well as NLMK and ALROSA.
About what income mutual funds brought in May – in the material “Kommersant” “High Tech Month”.
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