All non-state pension funds (NPF), which were part of 31 December 2015 FG "Future", mortgaged to Moscow Credit Bank (ICB), issued by the most FG "Future" and its owner - O1 Group, follows from the IFRS for 2015 bringing together financial group PPF.

At O1 Group debt to the IBC on two loans. In total, according to the company on June 30, 2016, it is 106 million euros (loan rate - 6.7% per annum) and 9 billion rubles. (The key rate of the Central Bank + 1.5%). Also outstanding is at FG "Future" - 1.4 billion rubles. (14.5%).

For loans incorporated 100% of NPF "The Future" and 99.86% "Telecom-Soyuz" (share of "Rostelecom" is not incorporated in 0.14%). At the beginning of 2016 GF bought NPF "Uralsib", whose shares were pledged as collateral ICD.

In this case the collateral value of NPF "The Future", "Telecom-Soyuz" and "Uralsib" significantly exceeds the amount of debt - 42.3 billion, 2.9 billion and 1.9 billion rubles. respectively (a total of 47.1 billion rubles.), according to a group of materials. Pay off the loan it should by 2020

The reports do not say whether the pledged Moskovsky Credit Bank bought O1 Group in the summer of 2016 NPF "Education" and "Russian Standard" (the new name - "Our Future"). In August, it began the accession process of the "Russian Standard" to the NPF "The Future."

The buyers money

"The main business O1 Group - direct investments. In a sense, we buy money for money, "- he said in an interview with" Vedomosti "group owner Boris Mintz.

"Perhaps attracted by the loan and has been used for the purchase of O1 Group pension funds included in the FY" The Future "- believes the chief strategist" Sberbank CIB "Andrey Kuznetsov.

In recent years, the financial group is actively increasing its assets. In 2014, total pension savings and pension reserves FG "Future" amounted to only 64.1 billion rubles. Now, however, the holding has become one of the largest managers of pension assets in Russia - retirement savings and pension reserves NPF group at the end of the II quarter of 2016, according to the Central Bank, reached 279.7 billion rubles. (While 82% comes from NPF "Future» & ndash; group leader in OPS segment and 12% - in the "Telecom-Soyuz" in the past to fund pension schemes "Rostelecom" and "Mail of Russia").

Owner ICD Roman Avdeev and Mintz - long-term partners: pension funds included in the FY "The Future", owned about 3.5% of the ICD.

Last week the group announced that accommodate from 15 to 20% on the Moscow stock exchange - order book opens on October 20. CEO Financial Group Marina Rudnev refined the "Vedomosti" that approximately 60% of funds raised will go to repayment of shareholder obligations (O1 Group), not less than 40% - for the development of pension business.

«C IBC agreed to release part of the shares from the pledge or before the IPO, or after, but no later than a few days after it began," - Rudnev passed through the press service on Monday. This agreement confirms the letter signed by ICD predpravleniya Vladimir Chubarov, which states that the parties have agreed to modify the terms of collateral for certain loans, the term of withdrawal of collateral - the end of October.

Rudnev assures that the funds forrepayment of the loan from the IBC shareholders have, and the terms of removing the burden - only a procedural point.

Market participants agree that an IPO during the transfer of the asset from under the mortgage - this is one of the signs of non-market placement of FG "The Future", because in normal investors might arise concerns the risks associated with the filing of applications for the pledged assets. "Most likely, the upcoming IPO is a consistent character -.. That is already known to the buyer. Therefore, IBC and agreed to the initial public offering, since it is, as the seller can get for an asset and how much will go to cover the loan, "- says partner of law office A2 Mikhail Alexandrov.

O1 Boris Mintz Group has closed a deal to sell 26% CA Immo
According to the director of consulting company "pension partner" Sergei Okolesnova, the repayment of debt to the ICD can go only 5-6 bln., While placing proceeds.

Kuznetsov believes that buyers of shares FG "future" may be other pension funds. "Financial Group can accommodate the IPO Nebolishoy package and then sell the shares on the secondary market, they can buy out the other NPF within permissible limits "- he points out.

"When these assets will be withdrawn from the pledge, the risks will be reduced. But until that happens, the deal does not look very transparent ", - he concluded. What artist would lay foundations in place, her representative declined to discuss.