DeltaCredit Bank to place 5 bln rubles in mortgage bonds at end of Q1/start of Q2, total borrowing for 2012 comes to 25 bln rubles
MOSCOW. Feb 1 (Interfax) - DeltaCredit Bank, part of French Group Societe General, plans to place 5 billion rubles in mortgage bonds at the end of the first quarter and start of the second quarter of 2012, the bank's CFO and member of managing board, Yelena Kudlik, said at a press conference on Wednesday. She also said that the bank hopes to borrow 25 billion rubles in 2012.
"We've already started to work actively. Immediately after the November issue, we plan to make an issue of bonds with mortgage coverage worth at the end of the first quarter, start of the second quarter," she said.
The bank's total bond issues, both corporate and mortgage, will come to 25 billion rubles this year. The bank holds to raise funds for a period of three to five years.
Kudlik added that the bank has not taken funding from its parent bank for two years already. She noted that the bank now only takes funds either from the market or international financial institutions (the European Bank for Reconstruction and Development, IFC).
The bank placed five-year mortgage bond issue 08-IP worth 5 billion rubles in November 2011. The first coupon rate was set at 8.3% with a three-year offer.
DeltaCredit Bank was 68th biggest bank by assets in Russia at the end of 2011 according to the Interfax-100 ranking, compiled by the Interfax Center for Economic Analysis.