"Stimulus" launched

VEB and AHML entered into a loan agreement for 40 billion rubles

Vnesheconombank will provide the Agency for Housing Mortgage Lending with a loan of 40 billion rubles. to stimulate mortgage and construction programs. Yesterday, VEB Chairman Vladimir Dmitriev and AHML General Director Alexander Semenyaka signed an agreement to provide the state mortgage corporation with a loan at 9.5% per annum until June 1, 2020 for the implementation of the Stimul program. In addition, VEB will buy AHML bonds.

VEB lends to AHML from the funds of the National Welfare Fund in accordance with the federal law “On additional measures to support the financial system of the Russian Federation.” As noted in the joint press release of VEB and AHML, the funds are intended to implement the program developed by the agency to stimulate lending for the construction and purchase of economy-class housing. It is expected that the program will facilitate the timely completion of construction of up to 2 million square meters. m of economy class housing. As Mr. Dmitriev said, in addition to AHML, Uralsib and Gazprombank submitted applications for participation in the program to stimulate the construction of affordable housing and mortgages. The total volume of applications amounted to 75 billion rubles. AHML accounts for approximately 20 billion rubles.

If the applications are approved, banks and the agency will be able to rely on pension savings funds managed by VEB when placing their own mortgage-backed securities, as well as bonds (in the case of AHML), guaranteed by the state. The total amount of pension funds that VEB can invest in these instruments is 160 billion rubles.

In general, as part of the investment program in projects for the construction of affordable housing and mortgages in 2010-2012, a decision was made to invest 250 billion rubles. Including up to 50 billion rubles. VEB's own funds will be invested in mortgage-backed bonds with a coupon rate of 3% per annum at a price no higher than par. Pension savings funds managed by Vnesheconombank as a state management company will also be invested in mortgage-backed bonds. The volume of investments will not exceed 100 billion rubles. The bond coupon rate should not exceed 9% per annum. In addition, up to 60 billion rubles. Pension savings funds managed by VEB are planned to be invested in AHML bonds guaranteed by the state. The coupon rate of these bonds will be set depending on market conditions.

As Mr. Semenyaka reported, as part of this VEB program, AHML partner banks began issuing loans at 10.5-11% per annum in April for new buildings - housing that was recently built or the construction of which will be completed within a year. The agency has already received applications for loans in the amount of 15.5 billion rubles from banks.

“As for investing in AHML bonds, we are talking about the fact that the agency has state guarantees in the amount of 36 billion rubles for this year and 44 billion rubles for the next, for a total of 80 billion rubles. Bonds will be issued for this amount, about 70 % of which will be purchased by VEB (in the amount of 60 billion rubles),” notes Maxim Osadchiy, head of the analytical department of the Corporate Finance Bank. “In this case, the state, represented by VEB, simply supports AHML. This will not affect the market value of AHML securities, since the yield of bonds is low and the demand for them is small,” says Dmitry Vlasov, head of the department for trading debt instruments at Infina Management Company.

Nikolay KOCHELYAGIN