что франк и новое европейское банковское регулирование делает с бондами Райфабанка

цена на субординированный бонд австрийского райфайзенбанка
доходность выросла с 8 до 16 годовых



причины в отпуске франка, а Райф крупнейших держатель потреб кредита в Восточной Европе номинированного в франке (в Польше почти 3 млрд франков) и новых правилах оказания господдержки банку


статья из блума о ситуации в целом

Bonds of Raiffeisen Bank International AG fell for a 12th day amid investor
concern they may be forced to take losses as international sanctions and
the slumping oil price undermine the lender’s business in Russia.

+ Ukraine

+ the Swiss franc’s surge is hampering one of Raiffeisen’s options for
raising capital. The bank unit most hurt most by the franc’s move is
Raiffeisen Bank Polska SA, the most valuable asset it can sell.



*Under a bank resolution law that came into force Jan. 1, Austrian state
aid would only be available after bondholders took losses.*




Raiffeisen Scales Down Assets More Than 20% to Avoid Cash Call

By Boris Groendahl

(Bloomberg) — Raiffeisen Bank International AG, eastern Europe’s
second-biggest bank, will cut itself down by at least a fifth to boost
capital ratios while avoiding a cash call that could dilute the cooperative
banks that own it.

Raiffeisen, the foreign bank with the most at risk in Russia, will reduce
by at least 20 percent its risk-weighted assets, which stood at 79.4
billion euros ($89.6 billion) at the end of September, the Vienna-based
company said Wednesday in a statement. The asset reduction will raise its
core equity Tier 1 ratio, which stood at about 10 percent at the end of
last year, it said.

“RBI will actively embark on a course which concentrates on strategically
relevant and sustainably profitable business areas,” the bank said in the
statement. “RBI comfortably fulfills all regulatory capital requirements.
The Management Board of RBI emphasizes that no capital increase is planned.”

Trailing only UniCredit SpA in the former communist East, Raiffeisen has
been struggling with the fallout of the conflict in Ukraine. On top of
losses in Ukraine itself, the turmoil has hampered Raiffeisen’s Russian
business, which has been its biggest profit generator since 2011. The
collapse of the countries’ currencies has eaten into its capital.

Meanwhile, the Swiss franc’s surge is hampering one of Raiffeisen’s options
for raising capital. The bank unit most hurt most by the franc’s move is
Raiffeisen Bank Polska SA, the most valuable asset it can sell.

Raiffeisen expects its Russian unit to report more than 300 million euros
in profit for 2014, and to remain profitable this year even as loan-loss
provisions will rise, it said in the statement. It’s not in talks to sell
the unit, but Russia will be among businesses that will have to scale down,
it said.

Market Rout

The announcement came after Raiffeisen’s shares and bonds plummeted on
investor concerns it could face a capital shortfall, need a cash call,
require state aid or bail in bondholders. Shares fell 3.2 percent today to
close at a record low of 9.005 euros in Vienna.

Credit-default swaps on its junior debt signal a 70 percent probability of
default within five years. Bonds halted their decline today after the bank
said it expects to pay a coupon on one of its most junior liabilities.

Raiffeisen’s 61 percent owner is Raiffeisen Zentralbank Oesterreich AG, the
central institution of Austria’s cooperative Raiffeisen banks. A dilutive
share sale could have had a ripple effect through the sector and caused
capital shortfalls at RZB and Raiffeisenlandesbank NOe-Wien AG, JPMorgan
Chase & Co. analysts said last week.

Raiffeisen is exploring a sale of its Polish unit, two people familiar with
the discussions said last month. It broke off talks to sell its Ukrainian
unit when the country sank into armed conflict and froze the sale of its
Hungarian business after talks last year didn’t succeed.