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VTB provokes undermining of the confidence of the debt market of the Russian Federation

VTB provokes undermining of the confidence of the debt market of the Russian Federation

The other day, representatives of one of the largest banks of the Russian Federation announced the suspension of payments on all their subordinated obligations without maturity. In this case, we are talking about perpetual Eurobonds of VTB Bank.

Back in the spring, the head of the bank, Andrey Kostin, assured all holders of his securities of the full fulfillment of their obligations under perpetual bonds, both in US dollars, euros, and rubles, with the payment of coupon income on them in ruble equivalent. Currently, perpetual Eurobonds in the amount of $ 2.25 billion placed back in 2012 are in circulation.

But already on December 6 of this year, VTB Bank, instead of the next payment of coupons on dollar securities, announced to its customers that there was no such possibility.

Usually, banks notify about the termination of coupon payments on their bonds in advance, and not at the time of their repayment.

It is more likely that VTB had difficulties with payments due to its recent purchase of Otkritie Bank, which directly affected the total capital and solvency of the first one.

Thus, if the Central Bank does not intervene in the current situation, then all this happening may well provoke a undermining of the confidence of the entire Russian debt market, in a situation that is not so simple for domestic funds.

VTB provokes undermining the credibility of the debt market of the Russian Federation - Something like that!

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