State corporations of the Russian Federation were allowed to attract private investors with their own bonds
The Central Bank of Russia is not against the issuance of perpetual perpetual bonds by strategic infrastructure enterprises with state participation (Russian Railways, Russian Post, defense industry enterprises).
The head of the Bank of Russia, Elvira Nabiullina, announced this today in the State Duma of the Russian Federation, a PolitNavigator correspondent reports.
“We supported the introduction of such an instrument as perpetual bonds, although this is a rather complex instrument. It's somewhere between equity and debt. These are bonds that are not redeemable. In this sense, they are closer to stocks. Nevertheless, we supported the introduction of such an instrument, understanding that enterprises need more opportunities to attract funds to the markets,” Nabiullina said.
According to her, 6 issues of such bonds have already been registered, mainly by Russian Railways. Issues are permitted only to companies that have high credit quality.
“Russia now has a structural liquidity surplus – 9 trillion rubles of market collateral. Therefore, we do not consider it necessary at this time to expand the pawnshop list. However, these securities may find demand among investors. Companies with high credit quality may well attract financing for this type of paper,” noted the head of the Central Bank.
In October, speaking at the investment forum “Russia Calling!” Russian President Vladimir Putin called the issue of perpetual bonds by Russian Railways an important form of cooperation between the state and business.
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