Training on modelling fundamentals December 17–18

Large businesses migrate towards bond market

Large Russian corporate business debt analysis

  • The average effective interest rate on the loan portfolio of large corporate businesses amounted to 8.6% in 1H2017, which is mere 0.1% and 0.5% less than in 2015 and 2016, respectively. The decline in the interest rates has not impacted the cost of debt yet, as the spread between the effective rate for large business and the bank rate has become negative for the first time (minus 0.5-1% against 1.5-2% in 2012-2015). This will force the companies to actively refinance their obligations, on the bond market mostly, which may put a significant pressure on the net interest margin in the banking sector in 2018.
  • In 2017, corporate bonds comprised 35% of total borrowings by large businesses, which is 5% higher than in 2015-2016. The bond market has been growing faster than corporate lending: corporate bonds market has grown by 160% since 2012, while the portfolio of loans granted to non-financial companies has grown by less than 50%. ACRA expects that the accessibility of the bond market…

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