the National Bank of Ukraine (NBU) in July, ruling on the activities of banks in the financial and economic crisis (№ 421) allows the loss-making banks to evade the payment of the offer, reported investment bank Concorde Capital.
Ukrgasbank allowed defaulted on bonds series C , an offer which occurred on 3 August. In explaining the issuer sent a letter to investors, which indicated that redemption is possible in connection with the decree NBU № 421 … Rodovid Bank admitted default on bonds Series B and C output of 125 million UAH each series, an offer - 3 August. The Bank also refers to a ruling by the National Bank of Ukraine № 421 , - stated in the review of the company.
As reported, the NBU decree number 421 prohibits unprofitable banks in advance to pay its debt securities, unless they are repaid at a price below the 50% redemption premium and such does not lead to a significant deterioration in the liquidity of banks. The normative act has not been registered with the Ministry of Justice, but in effect since July 22.
In
Concorde Capital believe that the failure to offer in connection with the decision of the NBU could be easily challenged in court by investors.
We believe that the above order does not entered into force, so there can be no legal justification for failure to offer, - stated in the review.
The paper also notes that the registration in the Ministry of Justice regulations provide the National Bank of art. 56 Law on the National Bank, as a government decree of 28 December 1992 makes clear: the state registration provided by regulations, which contain rules that are designed to repeated use, regardless of the duration of their actions and the nature of the statements.
The above order does not correspond to the existing regulatory field that governs the treatment of bonds, revises the previously approved conditions for the issuance of bonds and, therefore, could be successfully challenged in court, - stated in the review.
Concorde Capital
Experts also believe that this decree NBU will positively impact the banking system, but also negatively affect the bond market.
In most cases, bondholders are themselves banks. We believe that against the background of the news of the real sector will also try not to perform an offer that the greatest impact, again on kombankah - highlighted in the review.
This Concorde Capital said that the principal redemption bond with the secondary market occurred in the winter-spring-2009, when the banks were able to purchase the paper with a maximum discount.
To date, the discounts have fallen significantly, making such transactions unattractive for banks, in addition, many issues have already bought from the market. According to our estimates, from 1 October 2008 until June 1, 2009 the total value of bonds of the banking sector, which really are in the holder, dropped from 14 billion to UAH 7 billion UAH , - summarized in the review.
Recovery of foreign markets has allowed bulls to play the morning decline, but expect further upward movement is not yet
Now the positive zone in addition to the shares of leading banks traded securities Polymetal, MTS and Polyus Gold
Demonstrated good momentum stocks VTB: quotes of the bank may be artificially maintained in anticipation of the bank's SPO
Last days in the Forex market the strengthening U.S. currency against major competitors
Ukrainian prices tied to world
Shlapak: prerequisites for the growth of the exchange rate in Ukraine
Analysis - Results of the day
The index of the Frankfurt Stock Exchange Xetra DAX rose by 16.37 point, the index of the London Stock Exchange FTSE 100 rose 3.98 point
Analysis of Futures and Options on RTS index
The decision of the NBU allow loss-making banks to evade the payment of the offer
the National Bank of Ukraine (NBU) in July, ruling on the activities of banks in the financial and economic crisis (№ 421) allows the loss-making banks to evade the payment of the offer, reported investment bank Concorde Capital.
Ukrgasbank allowed defaulted on bonds series C , an offer which occurred on 3 August. In explaining the issuer sent a letter to investors, which indicated that redemption is possible in connection with the decree NBU № 421 … Rodovid Bank admitted default on bonds Series B and C output of 125 million UAH each series, an offer - 3 August. The Bank also refers to a ruling by the National Bank of Ukraine № 421 , - stated in the review of the company.
As reported, the NBU decree number 421 prohibits unprofitable banks in advance to pay its debt securities, unless they are repaid at a price below the 50% redemption premium and such does not lead to a significant deterioration in the liquidity of banks. The normative act has not been registered with the Ministry of Justice, but in effect since July 22.
In
Concorde Capital believe that the failure to offer in connection with the decision of the NBU could be easily challenged in court by investors.
We believe that the above order does not entered into force, so there can be no legal justification for failure to offer, - stated in the review.
The paper also notes that the registration in the Ministry of Justice regulations provide the National Bank of art. 56 Law on the National Bank, as a government decree of 28 December 1992 makes clear: the state registration provided by regulations, which contain rules that are designed to repeated use, regardless of the duration of their actions and the nature of the statements.
The above order does not correspond to the existing regulatory field that governs the treatment of bonds, revises the previously approved conditions for the issuance of bonds and, therefore, could be successfully challenged in court, - stated in the review.
Concorde Capital
Experts also believe that this decree NBU will positively impact the banking system, but also negatively affect the bond market.
In most cases, bondholders are themselves banks. We believe that against the background of the news of the real sector will also try not to perform an offer that the greatest impact, again on kombankah - highlighted in the review.
This Concorde Capital said that the principal redemption bond with the secondary market occurred in the winter-spring-2009, when the banks were able to purchase the paper with a maximum discount.
To date, the discounts have fallen significantly, making such transactions unattractive for banks, in addition, many issues have already bought from the market. According to our estimates, from 1 October 2008 until June 1, 2009 the total value of bonds of the banking sector, which really are in the holder, dropped from 14 billion to UAH 7 billion UAH , - summarized in the review.
Recovery of foreign markets has allowed bulls to play the morning decline, but expect further upward movement is not yet
Now the positive zone in addition to the shares of leading banks traded securities Polymetal, MTS and Polyus Gold
Demonstrated good momentum stocks VTB: quotes of the bank may be artificially maintained in anticipation of the bank's SPO
Last days in the Forex market the strengthening U.S. currency against major competitors
Ukrainian prices tied to world
Shlapak: prerequisites for the growth of the exchange rate in Ukraine
Analysis - Results of the day
The index of the Frankfurt Stock Exchange Xetra DAX rose by 16.37 point, the index of the London Stock Exchange FTSE 100 rose 3.98 point
Analysis of Futures and Options on RTS index