Substitution of bonds – Newspaper Kommersant No. 203 (7404) dated 11/01/2022

Last month, Russian companies were actively issuing replacement bonds. They are designed to replace Eurobonds, the payments on which do not go to the accounts of Russian investors in foreign depositories, primarily Euroclear and Clearstream. According to Kommersant, in October, the placement of eight issues of four issuers worth more than $ 2.8 billion was completed. According to the estimates of the chief analyst of debt markets of BC “Region” Alexander Yermak, placement of 11 bond issues began in October, including seven issues in US dollars (worth more than $7bn), one issue in pounds sterling (£0.850bn) and three issues in euros (€2.25bn). “To date, 24% of bonds in US dollars and 35% in pounds sterling of the proposed volumes have been sold,” says Mr. Yermak.

Vitaly Gaidaev