The management company (MC) Tinkoff Capital will create the first investment mutual fund (ZPIF) in Russia, writes Vedomosti, citing information in the register of mutual funds of the Bank of Russia.
The formation of the fund will begin in the near future and the creation will be completed in the second half of July. It will invest in replacement bonds traded on the Moscow Stock Exchange. The manager will select the bonds, explains Tinkoff Capital.
When the fund is formed, a listing on the Moscow Stock Exchange is planned. Only qualified investors will have access to the fund.
There are $14.5 billion in replacement bonds outstanding today, according to data from Cbonds. Of these, 84% are Gazprom issues, Renaissance Capital said.
In addition, such bonds were issued by Sovcomflot, Lukoil, Metalloinvest and MMK on the Moscow Stock Exchange.
Previously, the issuance of such bonds was carried out on a voluntary basis. However, following the May decree of the President of the Russian Federation, Russian companies will have until January 1, 2024 to replace Eurobonds with local ones.
Author:
Natalia Gormaleva
Source: RB
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