Комментарии Андрея Киселева, Заместителя Руководителя Департамента финансирования инфраструктуры ВТБ Капитал, и Алекса Метерелла, Руководителя Отдела природных ресурсов ВТБ Капитал, бюллетеню PFI Energy Finance Briefing (UK)

14 Декабря 2011
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PFI Energy Finance Briefing (UK)

Russia’s VTB Capital is using tied funding from multilaterals to provide competitive rates as European competitors scale back their lending, infrastructure and natural resources heads told PFI Energy Finance.
The investment business of Russia’s VTB Group said that its clients are increasingly recognising the bank’s capacity to provide complex long-term financing. “In the past, clients across Russia and the CIS would turn to an international lender for complex financing requirements. Now, we are being approached first so people can see what the funding appetite is like and to see what other solutions we might offer,” Andrei Kiselev, deputy head of infrastructure capital and project finance, explained.
Tied funding (where a multilateral or export credit agency will lend money to the bank for a specific project) enables attractive lending rates, as an ECA or a multilateral will lend to the VTB on special rates, which can be passed onto the client. The ECA funding can only work if the project is using national contractors or suppliers.
VTB Capital is also minimising its costs of funding through a number of recent issues in different currencies. One example is a SFr275m Swiss franc tap in November, another is the launch of offshore yuan bond trading in January. Being able to fund across a number of markets and a number of currencies has been advantageous as western banks retreat, explained Alex Metherell, head of natural resources.  
In the energy sector, VTB Capital has witnessed increasing demand for financing complex projects such as LNG, GTL, and LPG projects, rather than traditional upstream projects. “This is because clients are looking to enhance the value of their assets, and one clear way to do this is to convert a base product into a higher value product that can be exported out of the country or sold for a keener price domestically” Metherell said.

Закрытое акционерное общество "ВТБ Капитал"

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