As banks help business to involve "long"
money under low rate.
Large enterprises began to understand distinctly, that
bank credit - only one of many forms of loans. And not cheapest. After
this understanding interest to other tools of attraction of the capital
- to bills, bonds, actions, etc. Now cost of debt capital both on
internal has come, and on a foreign market is rather attractive to greater
borrowers. And it becomes real alternative to bank credits.
Today " money from the market " it is possible to involve under
rates much below cost of bank credits. On most good conditions can
count the most reliable enterprises having international credit ratings
and large scale of business. Less known cost of loan can be twice more
dear to the enterprises. " Now bonded loans of companies of
third echelon are involved not less than for rub-four years, loans of
the companies of first-second echelon aspire already to five and more
years. First echelon - " blue chesspieces " have an opportunity
to involve means under low percent, their rod - 6.5-8.5 % - comes nearer
to cost of loan in world markets, - Boris Nefedov tells deputy
director of investment department of Promsvjazbanka. - Profitableness
at accommodation of bonds of second echelon - 8.5-10.5 %. Credits
for such companies, as a rule, cost cheaply, and price of attraction
of bonded loan can be correlated with average cost of credits. As
to companies of third echelon also cost of loan will be comparable
to average rates under credit - more than 11 % annual ".
Cost of capitals involved due to bill loans, it is usual for some
percent above. " Bill type of loan, as a rule, a little bit
more dearly as bears in itself additional risks, smaller liquidity and
additional complexities of account for investors ", - is explained
by bankers.
Bond or bill?
Choice of bill or bonded loan is individual for each company and depends
from of some factors. " Large and average companies can be recommended
a bonded loan, and to fine and some average companies - bill, - head
of department of securities of exchequer Gazenergoprombanka Alexey Antonjuk
speaks. Is it is connected by that at small volume of accommodation of
securities an overhead charge, such as expenses for preparation of issue,
compensation of the organizer, the financial adviser and other, do a bonded
loan by expensive ".
To bill programs, according to Andrey Novikova, the senior analyst of
a department of researches of TransKreditBanka, usually resort in case
volume of necessary means is made up to 500-600 million with rbl.
" At greater needs it is meaningful to reflect on accommodation of
bonds ", - analyst considers. To companies which can let
out a loan for the sum more than billion roubles, bankers recommend to
begin with issue of bonds. At whom volume of loan up to billion roubles,
they advise the stage-by-stage program of an output on debt market:
to begin with small bill loan (100-500 million roubles), to position
itself in market, to open limits from investors, to create public
credit history, and then already to enter into a market with larger bonded
loan.
Pluss and minuses
Unlike bank loan public loans in basic weight are poor, that is
company can involve resources, not giving actives on the security.
" Release of bills does not demand long preparation of issue documents
and complex procedures of disclosing of information, - Andrey Jumatov,
general managing director, head of department of financial
markets of International Moscow bank lists. Is an effective tool as
much as possible " fast " attraction of rather short-term financial
resources. It is possible to carry high infrastructural risks connected
with the documentary form, and rather narrow circle of investors to minuses
of bills ".
Unlike bills of bond provide access to long-term financial resources and to broad audience of potential purchasers. Company assuming
release of bonds, it is necessary to pass a long way of preparation of
release (from 2 till 4 months), but final advantages in most cases justify
spent efforts, are considered by Andrey Jumatov.
Limit of a transparency
To lead successful loan in market, it is necessary for enterprises
to satisfy to a number of requirements. " The company which is entering
into a market an external duty, should have clear for market structure
of property and scheme of financial and economic activity, to
have precise formalized program of development. Presence of
reporting of future emitter checked up by audit " Is desirable,
- Svetlana Rybina lists the deputy director of exchequer Transkapitalbanka.
Key aspect at the organization of financing is readiness of borrower
to open structure of property, to show real owners of business,
head of department of development of international business Rosevrobanka
Alexander Arhipov speaks.
Company should have good financial parameters, stably developing
business. " At release of bonds expediently that pure actives of
company were not less than volume of release, and a sales volume -
from $100 million ", - Boris Nefedov from Promsvjazbanka considers.
Basic purposes of reception of extra resources Also should be stated.
Talent of the organizer
How much there will be favourable conditions of accommodation of loans,
depends and on professionalism of organizers. Banks, being engaged in
accommodation of release of bonds, can act as organizers, anderrajtery
and domitsiljanty. In first case role of bank is limited to
organization of presentation to market of loan and emitter,
and also gathering of applications for placed tool. If bank acts
as anderrajterom, besides gathering applications it incurs duties on
organization of accommodation of loan. Being intermediary between
investor and emitter, anderrajter renders to them consulting and
legal services. When bank acts as domitsiljantom, it will organize
repayment of loan for certain commission. And all procedures
connected with registration of documentation, it too incurs, releasing
from this emitter.
Source:
Info Cash Loan (23.12.2006)
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