Sberbank - Annual Report 2010 - 11 Securities Pledged under Repurchase Agreements

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# 11 Securities Pledged under Repurchase Agreements

In millions of Russian Roubles | 31 December 2010 | 31 December 2009
--- | --- | ---
Trading securities pledged under repurchase agreements |  |
Russian Federation Eurobonds | 12,150 | -
Investment securities available for sale pledged under repurchase agreements |  |
Russian Federation Eurobonds | 47,027 | -
Corporate bonds | 13,484 | 583
Corporate shares | 8,276 | 2,116
Foreign government bonds | 556 | -
Total securities pledged under repurchase agreements | 81,493 | 2,699

Securities pledged under repurchase agreements represent securities collateralised under sale and repurchase agreements, which the counterparty has the right, by contract or custom, to sell or repledge. As at 31 December 2010 included in Due to corporate customers are deposits in the amount of RR5 968 million (31 December 2009: RR 2 174 million) received under sale and repurchase agreements with legal entities. Refer to Note 17. Deposits in the amount of RR 61 803 million (31 December 2009: RR 111 million) received under sale and repurchase agreements with other banks are included in Due to other banks. Refer to Note 16.

Russian Federation Eurobonds included in the portfolio of trading securities and investment securities available for sale pledged under repurchase agreements have maturity dates from July 2018 to March 2030, coupon rates from 8% to 13% p.a. and yield to maturity from 5% to 6% p.a., depending on the type of bond issue.

Corporate bonds included in the portfolio of investment securities available for sale pledged under repurchase agreements have maturity dates from January 2012 to November 2019 (2009: November 2014), coupon rates from 6% to 10% p.a. (2009: from 6% to 9% p.a.) and yield to maturity from 2% to 8% p.a. (2009: from 6% to 8% p.a.), depending on the type of bond issue.

Foreign government bonds included in the portfolio of investment securities available for sale are interest-bearing securities denominated in foreign currencies, issued by foreign governments, and are freely tradable internationally. These bonds have maturity date in October 2012, coupon rate 20% p.a. and yield to maturity 14% p.a.

As at 31 December 2010 corporate shares pledged under repurchase agreements are mostly represented by quoted shares of Russian oil and gas and metallurgy companies. As at 31 December 2009 corporate shares are mostly represented by quoted shares of Russian oil and gas companies.

Analysis by credit quality of debt securities pledged under repurchase agreements outstanding at 31 December 2010 is as follows:

In millions of Russian Roubles | Investment rating | Speculative rating | Total
--- | --- | --- | ---
Russian Federation Eurobonds | 59,177 |  | 59,177
Corporate bonds | 7,620 | 5,864 | 13,484
Foreign government bonds | - | 556 | 556
Total debt securities pledged under repurchase agreements | 66,797 | 6,420 | 73,217

Analysis by credit quality of debt securities pledged under repurchase agreements outstanding at 31 December 2009 is as follows:

In millions of Russian Roubles | Investment rating | Speculative rating | Total
--- | --- | --- | ---
Corporate bonds | 552 | 31 | 583
Total debt securities pledged under repurchase agreements | 552 | 31 | 583

Credit quality in the tables above is based on the rating scale developed by the international rating agencies.

All corporate bonds pledged under repurchase agreements are not past due.None of the securities pledged under repurchase agreements were renegotiated.

Currency and maturity analyses of securities pledged under repurchase agreements are disclosed in Note 31. The information on related party balances is disclosed in Note 36.

## History

- 10 Loans and Advances to Customers
- 9 Securities Designated at Fair Value through Profit or Loss
- 8 Trading Securities
- 7 Cash and Cash Equivalents
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