LHV võlakirjade pakkumine

Avaron Delfi Ärilehes: LHV võlakirjade pakkumine on atraktiivne.

Avaroni juhtivpartner Kristel Kivinurm-Priisalm annab kommentaari LHV uuele võlakirjaemissioonile.

Loe lähemalt: https://arileht.delfi.ee/artikkel/120231201/investorite-ennustus-lhv-uutele-volakirjadele-tuleb-meeletu-tung


Avaroni juhtivpartner Kristel Kivinurm-Priisalm LHV uuest võlakirjaemissioonist: 

LHV võlakirja pakkumine on väga atraktiivne. Viimati emiteeris LHV allutatud võlakirju 2020. aastal ja siis pakuti intressiks 6%. Täna pakutav 10,5% kajastab adekvaatselt muutnud intressikeskonda.

Eesti pankadest tegi viimati Bigbank sarnase võlakirja (Tier 2 võlakirja) selle aasta alguses 8% intressiga. Samuti on Inbank, Coop Pank ja teised finantsasutused teinud sarnase instrumendi. Aga Inbanki ja Bigbanki risk on kindlasti kõrgema kui LHV-l. Juunis Siauliu pank tuli ka välja sarnase instrumendiga, intressiga 10,75%.

Emissiooni intressitasemes mängib olulist rolli emissiooni maht. Siauliu maht oli 50M, LHV-l tuleb 25-35M, aga Bigbanki maht oli vaid 15M. Kui on suur maht, peab emitent osa rahast kaasama ka välisturgudelt ja professionaalsetelt investoritelt, aga väikese mahu puhul kaasatakse see peamiselt Eesti kohalikelt jaeinvestoritelt.

Kuna Eesti jaeinvestorite võlakirjadesse investeerimise valik on täna väga kitsas, siis saavadki emitendid siin pakkuda madalamat intressi väikesemahulistes emissioonides ning emissioon märgitakse ikkagi täis. Investorid, kes võlakirja plaanivad märkida, peavad ka aru saama, et tegemist ei ole tavalise võlakirjaga, vaid allutatud võlakirjaga, kus panga raskuste korral rahuldatakse kõigepealt kõik muud nõuded ja alles seejärel saavad võlakirjaomanikud sisse nõuda oma raha.



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