Ozon Holdings PLCOZON1296,50 РКупить
VKVKCO393,40 РКупитьСервис в партнерстве с Тинькофф Инвестициями. Quotes are updated every 15 minutes
Что за еврооблигации
A number of large Russian companies have large obligations on Eurobonds – that is, bonds, denominated in foreign currencies. Among them there are three large public technology companies.: «Yandex», Ozon and VK. Their shares were traded on foreign exchanges., but after 24 In February, trading in them was suspended. Concerning, according to bond issue prospectuses, their holders a few days after the stoppage of trading had the right to demand their early repayment.
Debts of "Yandex", Ozon and VK on bonds were valued at about 1,25, 0,75 and $0.4 billion, respectively. Companies in the spring began to negotiate with their creditors, because we encountered several problems at once: the absence of such large sums and technical restrictions on cross-border transfers from Russia to other countries.
In the review of yandex results for the first half of 2022, we have already mentioned the company's message that, what she bought already 93% of its convertible bonds and plans to complete this process in the next couple of months. In its turn, VK's bond liabilities are much smaller, than other companies. Ozon has the most difficult situation.: the company has been working in the red for many years and recently losses are only growing.
What else is known
The exact parameters and mechanisms of state support are still unknown, but it is assumed, that we are talking about concessional lending, provided by the state, in the amount of about 130 billion rubles.
At the same time, there is no question of lifting restrictions on cross-border transfers., so company payouts, probably, will be carried out in rubles. This, in its turn, may be a formal reason for defaulting on their obligations, as was the case at the end of June with government Eurobonds.
Against the background of news about state support at the beginning of trading 4 In August, stock quotes of all three companies rose, but by the end of the day, shares of Yandex and VK had lost most of the growth.. So, Shares of "Yandex" at the end of the day increased slightly - from 1985 to 2000 R, and the GDR VK from 409.6 to 413,8 R. But Ozon shares showed growth by about 11,5%: from 1220 to 1360 R.
But the positive news did not help the stock quotes of the companies. 5 august: they're not just going down along with the entire market., and are among the leaders of the fall - around noon, Yandex shares fell to 1898,8 R, GDR VK - up to 394 R, and Ozon ADR up to 1273,5 R.
Previously, in July, the president instructed the Ministry of Finance and the Central Bank to develop mechanisms to attract private capital by "fast-growing technology companies" and cited Ozon and Yandex as an example.. After that, the shares of these companies went up by 10 and 2%, respectively..
Such personal attention may have another explanation besides the growth rate.: in the spring, Ozon CEO Alexander Shulgin and Yandex CEO Tigran Khudaverdyan fell under EU sanctions and left their posts. Now the state is trying to show, that in the new reality, the affected companies will be fine..
What's the bottom line?
This news can be considered positive from several points of view at once.:
- Companies received support in a difficult situation, what should please their shareholders.
- The state set a precedent and gave a signal to business, that is ready to help systemically important companies.
- Maybe, such actions of the state brought these public technology companies a little closer to re-omiciliation – re-registration in Russia., — which in the current conditions would be positive both for the companies themselves, and for their Russian shareholders.
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