Humidity: 94%
Primary placing of the debt papers, which term of the reference is planned till one year, and profitableness — 15 %, will be spent on a trading platform of stock exchange PFTS. The means involved from sale of bonds, will be directed on financing of building of a new terminal complex «D» of Kiev airport "Borispol"and a parking on more than 2 thousand parking spaces.
In the previous time, in December, 2010, airport Borispol has let out and has successfully placed bonds of series D, E and F for a 350 million total sum UAH. Papers of series D and Å have been let out in quantity on 100 thousand in each series, and series F — 150 thousand bonds. The interest rate on all series was established at level of 16 % annual. The spring of the same year had been placed annual bonds of a series With for the 150 million sum UAH.
However, before it the emitter had to suffer seriously with re-structuring of release of bonds of a series of Kiev airport Aeroport has let out percentage registered bonds in April, 2005 with repayment date on April, 19th, 2010 on 300 million UAH., but has refused to repay them, having offered holders of papers an exchange for the new.
As a whole, considering a situation of that time when re-structuring of debts on corporate papers was popular, airport "Borispol" has quite competently used a conjuncture.
«The holder of bonds estimates risks of the emitter, the volume of bonds and compares two variants of succession of events. The first — to agree on re-structuring and to return money in parts. The variant is good, if there is a confidence that the emitter is reliable, works, continues the activity and volume of investments is insignificant, — experts explain. — the second — a reference to the court». As they said, having on hands a judgement, holders could force to extinguish the emitter debts, but process would take two-three years that is commensurable with the usual period of re-structuring. «In a case of" Borispol »— absolutely reliable borrower and a monopolist in branch — other exit for investors, except how to agree on re-structuring, wasn't», — experts confirm.
It is necessary to remind that last year the Ministry of Finance packs placed bonds of an internal state loan: them it has been sold on 50,48 billion UAH., and profitableness of state papers decreased throughout a year and averaged to 6-7,2 % annual under bonds for references before half a year, about 9-10,9 % annual — within 12 months, and about 12 % annual — under three-year state bonds. On this background of 16 % on airport "Borispol" bonds in general looked nicely enough.
For today the situation looks a little differently. Profitableness on comparable releases at the level makes now approximately 21 % that considerably exceeds levels of profitableness of bonds of "Borispol".