In 2018-2020 years. it is not supposed to capitalize the Rosselkhozbank (RSHB) with the help of the agricultural development program, the draft budget submitted to the State Duma on Friday testifies. On the same day, the RSHB approved the parameters of 10 issues of indefinite subordinated bonds: six of them - in dollars ($ 450 million), four - in euros (by 300 million).

The state under the program of development of agriculture dokapitaliziruet RSHB annually. In 2015, the bank received 10 billion rubles from the budget for capital, 8 billion rubles in 2016, and another 5 billion rubles in 2017. However, this program did not limit the support of the state bank: for example, in August the Federal Property Management Agency bought out an additional issue of the RSHB for 25 billion rubles. Total in 2018-2020 years. the bank expected to receive with its help another 60 billion rubles.

However, with the replenishment of capital, the bank seems to have to cope on its own. Unlimited subordinated bonds can become a substitute. According to the rules of "Basel III" they fall into fixed assets, reminds Fitch analyst Sergey Popov. However, the RSHB has not decided on when it is going to place currency bonds. "The bank considers the availability of such securities as an option that can be used in case of need to attract fixed capital in the stock market. In the near future, the placement of both currency and ruble bonds is not considered, "the representative of the RSHB said, adding that the bank also registered perpetual bonds for 85 billion rubles.

 In 2016, the RSHB was the first bank to post indefinite bonds under Russian law and take this money into account. Market participants then indicated that the deal was a club deal. And the coupon rate on securities is quite high - the first 10 semi-annual coupons make up 14.5%. The bank in the materials to the strategy noted that such a replenishment of capital is costly to him, besides "the possibilities for further placement are severely limited by the market".

"Due to the fact that the RSHB is under sanctions, the papers will be inaccessible to many foreign investors, only Russian players will be able to buy them," Popov notes. In ruble terms, the bank will place securities for 47 billion rubles., He calculated: "The bank will potentially be able to increase the capital adequacy ratio of H1.2 and H1.0 by 1.8 percentage points if placed completely."

 By September 2017, the bank capital adequacy ratio (H1.2) was 9.7% (the minimum requirement was 6 and 7.6% with premiums), therefore, taking into account the additional issue and the potential placement of unlimited bonds in H1.2 currency, 12.4%, Popov predicts. "This is not bad, but only partially covers the problem of non-reserved non-performing loans and other potential credit risks," he sums up.

The issuance of such securities, if it takes place, does not fully solve the problem of a bank with capital: for subordinated bonds, the ability to absorb losses is lower than that of funds received directly into base capital, Moody's analyst Olga Ulyanova adds: "Most likely, the state will find other ways his capitalization beyond the program. " Otherwise, it will be necessary to continue to provide the bank with significant reductions in the provision of bad loans, which has been going on for many years, she believes.

The currency placement could have been needed by the bank in order to protect part of the capital from potential fluctuations in the ruble exchange rate, or it is preferable for key investors, Popov argues. Only 12% of the credit portfolio of the RSHB was nominated in foreign currency, he noted.

However, the bank preferred currency earlier. In October 2015, the state bank raised capital from Rosneft - the state-owned company placed a subordinated deposit of $ 1.15 billion there until 2021 at 4.9% per annum. There is a whole class of investors in the country that need to invest part of the currency earnings, notes one state banker.

In 2016, VEB, which is also under sanctions, placed bonds in dollars - by $ 600 million. Settlements on securities went in rubles. Moscow stock exchange allows the placement of foreign currency bonds. "Rates on bonds are now at historically low levels, and RSHB is a quasi-public borrower, which will add confidence to investors, despite the fact that the debt is subordinated, i.e., the most risky. Russian investors have limits and a desire to increase primarily Russian risk, "believes Dmitry Postolenko, senior portfolio manager at Capital.