VTB will register issues of currency replacement bonds by the end of the year
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VTB (MOEX: VTBR) will register the issue of replacement bonds for the remaining period until the end of 2023, First Deputy Chairman of the Bank’s Board of Directors Dmitry Pyanov told reporters. At the same time, the Central Bank did not allow the bank to change the currency.
“That is, the replacement bonds will be with settlements in rubles, but with the same currency equivalent,” said Mr. Pyanov.
Currently the bank has four Eurobond issues. Three issues in US dollars – with maturities in October 2022 (coupon 6.95%) and in June 2035 (6.25%), as well as perpetual (11.577%) – and one issue in Swiss francs with maturity in October 2024 years (4.0725%).
At the same time, regarding the perpetual (subordinated) issue for $2.25 billion, the regulator allowed adjust write-off triggers. “Replacement bond (for this issue.— ”b”) will have new write-off triggers that will be synchronized with Basel rules so that we do not lose capital,” he explained.
At the same time, as Mr. Pyanov emphasized, “there is still a desire, as part of working with an open currency position, to ruble subordinated debt.” In this regard, the bank will continue to explore various options, but outside the substitution process.
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