Vladimir Putin held a meeting on the development of the transport sector, which has become one of the main victims of coronavirus and quarantine measures. The most ambitious of the approved ideas on the issue of OAO RZD eternal bond 370 billion rubles to compensate for critical shortage of funds for the investment program. Analysts believe a key issue yield of the instrument. Direct subsidies managed to knock only for the railway container transit in the amount of RUB 1 billion and aviation for another 30 billion rubles in July. Suburban passenger transport and water transport will be included in the list of industries most affected by the virus, but money from the budget while they do not promise.Held on 7 may Vladimir Putin meeting on the development of transport, the head of Russian Railways Oleg Belozerov for the first time publicly acknowledged the existence of huge holes in the investment program 2020 in the amount of three-quarters of it or more than 500 billion rubles (see “Kommersant” on April 24). “We are ready to attract funds through the mechanism of perpetual bonds on which, together with colleagues from the government and the Central Bank worked in two years”,— said a top Manager. According to him, Russian Railways is ready to begin issuing these bonds during the month and place this year, securities amounting to “not less than 370 billion rubles”. The monopoly previously talked about the release of the same volume, which must be purchased by state-owned banks.Regulatory framework for the issuance of such bonds corporations already have — relevant changes to the law “On securities market” was adopted at the end of 2018. But while no one issue was not done. As explained “Kommersant” two sources in the stock market, the main question — who will be willing to buy securities. On such bonds the possible repeal of the coupon if the company makes a loss, and thus investors, mostly banks, will have to conduct additional redundancy.Read delievery bonds, essentially similar to preferred shares, says CEO of UK “Sputnik — capital Management” Alexander Losev. Coupon — the analogue of dividends on the shares and if the company makes a loss, then both instruments income will not. In his opinion, to perpetual bonds were of interest to investors, the coupon yield should be comparable to historical dividend yields of popular preferred stock, such as preferred shares of Surgutneftegaz or Tatneft (8-12% per annum). “And if the yield will be comparable to the far OFZ (6% per annum.— “Y”), no such bonds will not be needed due to the disparate risks, and banks will find a way not to buy them”,— the expert believes.According to the official, the idea has already been supported by the Ministry of Finance. This will allow you to spend the Eastern landfill in 2020 of 60.5 billion rubles from the Fund.Mr. Belozerov, in turn, asked me to keep in 2021 with��avku property tax infrastructure, which is expected to grow to 2.2% on the current level of 1.6%. Already offered to make the Ministry of transport, securing rate forever (see “Kommersant” on April 27).Eugene Dietrich has also suggested — and Vladimir Putin agreed to support railway container transportation subsidies — according to him, on the alignment of tariffs with prices of neighbouring countries competing with Russia, especially on the axis between Europe and China, it is necessary to allocate about 1 billion rubles. Speakers at the meeting, the head of the group “Business” Sergey Shishkarev said that the required subsidy in the amount of $900, or 70 thousand RUB, to the container, that will bring income in $2,5–3 thousand for the thing and will increase the transit through Russia for 200-250 thousand containers in 2020. According to Mr. Dietrich, the Ministry of transport together with the Ministry of Finance will seek this RUB 1 billion “in funds allocated for the implementation of national projects”.Vladimir Putin proposed to include in the list of the most affected sectors of the commuter rail transportation. The transport Ministry has been asked to subsidize the lease payments of the suburban passenger companies by 3.24 billion roubles, bringing the money from compensation of the Federal budget for commuter transportation because she will not be selected this year because of the decrease in passenger traffic. Oleg Belozerov said that the government is considering the inclusion in the list and a Federal passenger company responsible for long-distance,— its loss in 2020 he estimated at 100 billion rubles, the President instructed to make the same list, water transport, although sector representatives at the meeting asked about the broader support measures. Thus, the head of the Board of Directors of “Vodochody” Victor Olersky suggested at least a year to allow a refund of excise taxes on bunker fuel, without waiting for the fact of its use and asked to provide sufficient funds for grants for loans and leases on the construction of ships in Russia.The head of the AEON Corporation Roman Trotsenko, on the contrary, proposed to abolish the regular subsidies and decapitalizing leasing company to enter a lease with a fixed rate equivalent to the current given state support. He also stated the need to allocate the budget of 4.7 billion rubles for subsidizing the expenses for the shipping companies in labor and upkeep of the property until the spring of 2021. In addition, Mr. Trotsenko has proposed to implement a three-year system of issuing state guarantees for loans with the fixed limit for each enterprise, based on the physical volume of passengers. If the company will not be able to pay for the guarantees, its shares will go to the government.The problems most affected by the virus industry — aviation — may 7, detail was not considered. Vladimir Putin announced the intention to conduct on the issue of otd��flax meeting. In the meantime, the transport Ministry only said that he sees the need for additional budget allocations to the sector in the amount of RUB 30 billion since July.Natalia Skorlygina, Anastasia Vedeneeva, Polina Smorodskaya
