VTB will register three issues of replacement bonds by the end of the year – Kommersant
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VTB Bank (MOEX: VTBR) plans to register three issues of replacement bonds by the end of 2023. The replacement is planned on the condition that the main parameters of the Eurobonds and the replacement Eurobonds coincide, said First Deputy President and Chairman of VTB Dmitry Pyanov.
“The securities will be denominated in the same currency as the Eurobonds, but with settlements in rubles on the payment date. I would like to note that for the issue replacing perpetual Eurobonds VTB perp, rubleification is planned in the future, but its format has yet to be worked out,” says Dmitry Pyanov in a message (available to Kommersant).
In the first quarter of 2024, he added, VTB is also planning additional replacement for friendly holders from foreign depositories. The decision to register replacement bonds was accepted VTB Supervisory Board.
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%).
On May 22, Vladimir Putin signed a decree on the mandatory placement of replacement bonds before January 1, 2024 to fulfill obligations to Eurobond holders. Replacing Eurobonds allows you to regain access to some of the assets that have become inaccessible due to sanctions.
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