were launched subscriptions for subordinated bonds Alior Bank. investors
may tempt the interest rate of 5%, far exceeding available
bank deposits. But we can not forget that these are securities increased
the risk.
April 14 started on records
Alior Bank bonds issued
part of the initial public offering of subordinated bonds, addressed to
a wide range of investors, including individual investors. The offer was to take two weeks, however, bonds enjoy such great popularity that the term was shortened considerably.
– Board of Alior Bank informs that on the first day of the subscription period for the bonds, ie. On April 14, 2016., Were subscribed for bonds in a number greater than the total number of bonds offered – informs the company in a statement.
According to the new findings offer will last only until April 15. The allocation of the bonds will be probably three days later, however, because of so much interest occurs reduction. After all, Friday, eager can still be reported.
Banking bonds are not an alternative to bank deposits
Bank offers securities to 6 years
interest according to the formula Wibor 6M + 3.25% margin. In the first period
interest income interest rate rounded to equal 5%. Interest to be paid
every six months. The maximum value of the issue is 150 million, and the value
Nominal value of one bond is one thousand dollars. Bonds Alior Bank will
traded on the Catalyst market operated by the Warsaw Stock Exchange
In Warsaw.
First, you need clearly and emphatically stated that the bond issued by
the bank has a higher investment risk than a bank deposit. “ Bonds are not a bank deposit
and are not covered by any deposit guarantee scheme “ – we read on page 42 of the prospectus
issue.
In the event of the insolvency of the issuer of bonds holder does not
can count on help from the Bank Guarantee Fund. Even if the
For large banks, guarantees BFG look quite illusory, however,
the very fact of their existence makes the depositor has on its support
the state apparatus, which for the sake of confidence in the currency and the banking system
generally tries to save the bankrupt bank. Bondholder for such preferences
should not count.
In addition, bonds Alior Bank
They are unsecured. It means so much that in the event of insolvency of the issuer,
the bondholder will not be satisfied with a separate pool of assets. Moreover, Alior offers subordinated bonds .
“Therefore, the debt
arising from the bonds will be in the event of bankruptcy or liquidation of the issuer satisfied
will be the last “- is a fragment of point 4.2. prospectus
issue. In addition, the holder of such securities is not entitled to
require the immediate redemption, in the case of at least a 3-day delay in payment
interest or principal.
Alior Bank issues bonds
Subordinated to improve solvency ratios. Debt of this kind qualifies
as the bank’s own funds – in accordance with the provisions of the Banking Law and
Regulation CRR.
Bonds
Alior the competition
6-year bank bonds
we should not compare the offer of short-term deposits, which currently
They pay as much as anything. The April ranking of one-month deposits,
do not require additional conditions (read: buy other
banking products), the most
generous bank pays 1.85%. With deposits 3-month rate rises to 2.52%
per annum, and for 12-month to 2.57%.
We should not, however, relate these rates to interest rates
bonds – for the same reasons do not compare pears with
apples. They are simply different financial instruments, characterized by others
risk profiles. Therefore, as a comparative base I suggest compile offer
Alior bonds
bank listed on the Catalyst market.
April 14 at Catalyście
current bonds were 10 commercial banks and the State Bank
National Economy. Listed bonds were characterized by different periods
maturity, so the comparisons accepted only securities maturing in the years
2021-24. An additional problem makes the fact that some of these bonds was broadcast
a few years ago in a completely different market conditions – ie. by far the
higher interest rates in the NBP.
| Issuer
| Data
| Data
| Interest rates
| margin
| Time
|
|---|---|---|---|---|---|
| Alior Bank
| 2021-03-31
| 2015-05-21
| 5.24%
| 3.50%
| 6
|
| Alior Bank
| 2021-04-29
| 2013-07-11
| 7.64%
| 5.80%
| 8
|
| Alior Bank
| 2024-09-26
| 2014-12-19
| 4.88%
| 3.14%
| 10
|
| Alior Bank
| 2022-10-21
| 2015-01-14
| 5.91%
| 4.10%
| 8
|
| Alior Bank
| 2021-12-06
| 2016-01-28
| 5.15%
| 3.35%
| 6
|
| BOS
| 2021-05-18
| 2011-07-13
| 4.65%
| of
| 10
|
| BOS
| 2024-07-11
| 2014-08-08
| 4.07%
| 2.30%
| 10
|
| Bank Post
| 2021-07-08
| 2011-12-02
| 5.52%
| of
| 10
|
| Bank Post
| 2022-10-05
| 2013-02-20
| 5.24%
| 3.50%
| 10
|
| Getin Noble Bank
| 2021-02-15
| 2014-03-31
| 4.75%
| 3.00%
| 7
|
| Getin Noble Bank
| 2021-03-12
| 2014-05-16
| 4.74%
| 3.00%
| 7
|
| Getin Noble Bank
| 2021-04-07
| 2014-06-06
| 4.74%
| 3.00%
| 7
|
| Getin Noble Bank
| 2022-12-12
| 2016-03-14
| 5.78%
| 4.00%
| 7
|
| Getin Noble Bank
| 2023-04-28
| b.d. | b.d. | 5.00%
| 7
|
| mBank
| 2023-12-20
| 2014-01-02
| 4.02%
| 2.25%
| 10
|
| PKO BP
| 2022-09-14
| 2012-10-12
| 3.38%
| 1.64%
| 10
|
Average
| 5.05%
| 3.39%
| |||
| Source: | |||||
Comparing apples with apples,
offer Alior Bank does not have such experience. The interest rate is consistent
the average for this type of bonds offered in the past five years. one must
However, remember that this is the issue of subordinated bonds, of which
investor should require a higher margin to compensate for the increased risk
credit.
Alior enter into the shoes of Getin
At the market, especially Catalyst
there are two active lender: Alior Bank and Getin Noble Bank. The second of 5
April 22 also collects records bonds. GNB The offer includes up to 35 thousand. 7-year bonds with a nominal value
thousand each. The coupon of the securities is Wibor 6M + margin 5.00%. Bank
Czarnecki therefore pay more than Alior.
Alior
The Bank has agency Fitch Ratings long-term note BB with a stable outlook.
The same agency downgraded in February
Getin Noble Bank’s rating from BB to BB- with a stable outlook. Also
Investors on the Stock Exchange rate much higher quality asset Alior, which can
boast relationship capitalization to book value (P / BV) of 1.46.
In the case of GNB, this ratio is now 0.28.
Krzysztof Kolany
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