HMLA announced the sale of mortgage risk

Agency for Housing Mortgage Lending (AHML) has decided to place their non-traditional mortgage-backed bonds for the Russian market way - by collecting direct bids for the purchase of securities (book-building). The agency expect to fully realize the mortgage bonds, including to foreign investors . However, demand for mortgage securities is far from pre-crisis levels, and investors are more demanding of such risks. Therefore, HMLA would have to buy their own paper, experts believe. According to the parameters of placement of mortgage bonds AHML (available to the "b"), yesterday began collecting applications from investors to participate in the acquisition of the second issue of agency mortgage bonds to 5 billion rubles. for a total of 9.44 billion rubles. Book direct orders is scheduled to close between 22 and 27 May. The organizers are the placement of "Renaissance Capital", and Citibank. The second issue of mortgage AHML was placed on the primary market in February. Total volume, divided into three tranches with different risk levels, amounted to 10.7 billion rubles. Elder (9.44 billion rbl.) and mezzanine (590.3 million rubles). tranche placed by public subscription, Jr. (697.3 million rubles.) acquired the agency itself. But on the eve of the auction HMLA reported to the market that is ready to buy the issue thoroughly to ensure its liquidity by selling securities continued on the secondary market. HMLA understood that the proposed The coupon yield of 8.5% per annum in the ongoing liquidity crisis will not attract investors (see "Kommersant" on February 22). As a result, the whole issue has become the agency itself. "Now the window was opened in the debt market, and we see the opportunity to enter the secondary offering, "- said the" Y "director of structured products HMLA Natalia Koltsov. In HMLA explained that the placement of the type of book-building is chosen, because this method will" work with individual investors, "which is excluded by placing at auction. "auction often leaves no chance of issuers in determining the range of investors are often at the end of the auction there are one or two applications at the lower boundary of the coupon rate, which cover the entire issue. As a result, the paper fall into the hands of some, becoming illiquid" - talk to AHML. Market participants believe that HMLA there are other reasons of interest in the liquidity issue. "It appears the agency expects that by the fall of quotations of securities placed now will grow and the rest of the output they can sell more expensive", - believes the head of the bank's structured products "Union" Konstantin Cherkasov. He points out that now the interest rates on ruble loans, are tied to domestic bond yields are very high. Thus, one of the key interest rates on ruble loans, MosPrime, at the level of 6.5-7% per annum. K end of the summer, according to experts, the rate drops to 4%, that is, to the level of June 2007. This will lead to a decrease in bond yields and thus increase their value. HMLA uses an unconventional method of allocation based on the interest of foreign investors in the securities, indicate Analysts. "Non-residents book-building is more common way to render" - indicates the Managing Director, "Troika Dialog" Pavel Sokolov. In the HMLA yesterday acknowledged that expects to sell securities to nonresidents. However, the demand for ruble risks from foreign investors is far from the levels of the first half of last year, analysts say Deutsche Bank. They believe that the demand for the restoration takes time. Moreover, it comes to mortgage bonds, the mere mention of which "throws investors shiver," added the representative of a major Western bank. In addition, according to experts, the proposed rate of return on AHML securities interest not many domestic investors. According to the document, the coupon rate of the second issue AHML offered on the secondary market, remained unchanged (8.5%). But the offering price determined in the range 99,85-100,5% of par. "Because the coupon has already been defined in the initial offering, adjusted yield to maturity is now possible only at the price" - says Pavel Sokolov. "With this level of return on the demand for accommodation is unlikely to be satisfied in full" - says Konstantin Cherkasov. Therefore, he believes that the issuer may redeem going to have a part of the proposed amount of the securities.