AHML to start placing four bond issues for 28 bln rubles on Aug 27
MOSCOW. Aug 20 (Interfax) - Russia's Agency for Housing Mortgage Lending (AHML) will commence the placement of bond series A12, A13, A14 and A15 worth 7 billion rubles each on August 27, the issuer said in a statement.
The floating interest rates on the coupons are calculated by adding the Central Bank's refinancing rate on the working day preceding the start of the corresponding coupon period with the premium.
AHML determined that the premium would be set at a level equal for all the coupons in the four series of bonds.
The maximum interest rate for each bond coupon has been set at 20% for the entire circulation period.
The agency determined that the premium for all the bond series is equal to 2.5% annually. Thus, with the Central Bank's refinancing rate at 10.75%, the rate of the first coupon of the bond issues totals 13.25%.
The bonds are being placed in a public subscription.
The Federal Financial Markets Service (FFMS) registered the bond issues, which are backed by government guarantees, in April.
The AHML has said it would start bundling bank mortgages into its own bonds early in the second half of 2009 in order to encourage originator-banks to issue fresh mortgages throughout Russia, and enable them to improve their financial strength and obtain funding from the Central Bank by using the bonds as forms of security.
Each of the bond issues consists of 7 million bonds, par value 1,000 rubles each.
A12 matures December 15, 2013, A13 on January 15, 2018, A14 on April 15, 2023 and A15 on September 15, 2028.
AHML is one of the largest re-financers of residential mortgages in Russia. The agency, whose main source of financing is bonds guaranteed by the Russian government, buys mortgage certificates from initial lenders and other organizations operating on the country's mortgage market. The mortgages are serviced by authorized independent financial institutions, most of which also provide mortgage loans.