Decided in Time

Zenit raised 95.75 million euros and $5 million for 1 year under EURIBOR/LIBOR+1,6% annual. Petrocommerce also raised $106 million under LIBOR+1.5% annual. “Such deals prove that despite crisis the market is alive and its participants trust each other as usual!”, says with exclamation a first vice-president of Petrocommerce Viktor Zhidkov.

GarantiBank, Landesbank Berlin, UniCredit, Standard Bank and WestLB gave money to Petrocommerce. Bayerische Landesbank, Commerzbank Aktiengesellschaft, Erste, Intesa Sanpaolo, Raiffeisen Zentralbank Oesterreich and WestLB gave money to Zenit.

“The fact that Russian banks can raise money, the price is not that important, is a wonderful event, and these deals are very successful. When the debt of Russian borrowers is trading beginning with 12% points to LIBOR, such terms seem to be a miracle”, agrees with Zhidkov a head of bonds market analysis and credit risk department of MDM-Bank Mikhail Galkin. According to director of operations of financial markets department of Nomos-Bank Vasiliy Fedorov, none of Russian companies can raise money abroad: “Probably, state banks could receive something — but for them rates would have began from 10%”. “And such rates as Zenit or Petrocommerce have, provoke laughter and many questions as well”, adds he. Foreign banks also have market “inefficiencies” — limit questions, some inertia while taking a decision, explains Galkin.

“Our credit rate is higher than Sberbank’s, moreover, there are commissions and general cost of the credit differs from announced margin”, explained a head of investment department of Zenit Kirill Kopelovich. Also he notes that the banks began negotiating with banks in August before collapse of prices in September and many banks, which began preparing such deals after Zenit, were behind the time: “Most banks, which participated in our deal, are exhausted”.

In September terms of the deal with Petrocommerce were coordinated, tells a president of Russian Standard Bank Yuri Voitsekhovskiy. According to his words, the bank is interested in long-term relations with clients on Russian market, that is why he does not think about possibility of the revision of reached agreements.