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ИД «Финансы и кредит»






Finance and Credit

Transactions of VTB Bank with debt and equity securities

Vol. 27, Iss. 5, MAY 2021

Received: 18 January 2021

Received in revised form: 5 February 2021

Accepted: 19 February 2021

Available online: 28 May 2021

Subject Heading: Banking

JEL Classification: G12, G21, G32

Pages: 998–1021


Larisa A. CHALDAEVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Arsenii A. DANILIN Financial University under Government of Russian Federation, Moscow, Russian Federation


Subject. This article covers VTB's operations with securities and their effect on bank's financial sustainability and growth in assets. The main focus of the study was put on secondary public offering in 2013 and the issue of perpetual bonds in 2012 by VTB.
Objectives. We assess the dynamics of VTB's balance sheet items as a result of secondary public offering. We analyze consequences of perpetual bonds issued in terms of their lucrativeness for the issuer and investors. The study identifies factors affecting the market value and liquidity of VTB's perpetual bonds on the MOEX.
Methods. The research methods are based on the factor analysis of VTB’s balance sheet items. Statistical, graphical and economic analyses are also used in the study.
Results. Secondary public offering caused a significant growth of the bank's assets. The issue of perpetual bonds allows increasing tier 1 capital of VTB.
Conclusions and Relevance. Based on the results, recommendations were presented for VTB bank concerning the equity and debt securities. We determined negative consequences that might happen after another issue of bonds, which can influence an amount of the State's share in VTB. We especially consider the future issue of VTB's bonds in terms of coupon payments, which may help reduce expenditures on the servicing of debt bonds issued.

Keywords: SPO, perpetual bond, VTB, assets


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