A new approach to the formation of the Lombard list of no risk a substantial reduction in the potential refinancing of the banking sector, the second edition of “Overview of risks of financial markets”, published on the website of the Central Bank.
55% of the securities in the Lombard list, already meet the new requirements. Of these, 85% are Russian state bonds and 15% in bonds. To date, about half of Bank bonds (at the nominal volume of the issue) already have a rating of an ACRE. Given that all the bonds included in the Lombard list, as of July 14, 2017, preserved in the Lombard list, prior to maturity (except in connection with the unsatisfactory financial situation of the Issuer or except the corresponding category of securities), as expected by the end of 2017 the volume of redemptions of securities is not significant (in comparison with the volumes of the Lombard list), the new approach will not lead to a drastic change in the potential refinancing, the report says.
So, since July 14, 2017 for inclusion in the Lombard list of bonds of RF subjects and municipal entities, as well as bonds of legal entities – residents of the Russian Federation (including the bonds of mortgage agencies and mortgage backed securities) will require the presence of issues (issuers) of these securities is the credit rating not lower than “BBB” (RU), rated by credit rating Agency “Analytical Credit Rating Agency” (ACRE). In addition to the presence of issues (issuers) of securities specified credit rating when deciding on the inclusion of securities in the Lombard list will be considered by the Bank of Russia assessment of the credit quality of securities issue (creditworthiness of issuers). In addition, the requirements for ratings of foreign issuers included in the Lombard list after July 14, 2017: a minimum level of credit rating from the international rating agencies upgraded to “BB-“/”Ba3”.