July 9, 2020, 19:08

Investor Demand for Russia Eurobonds at $7Bln – Statement

Investor Demand for Russia Eurobonds at $7Bln – Statement

MOSCOW (Sputnik) – Investors demand for Russian Eurobonds amounted to some $7 billion, the Russian Finance Ministry said on Thursday. The ministry placed Eurobonds earlier in the day. The initial benchmark yield was about 4 percent annually and about 4.45 percent annually, respectively.

During the collection of applications, the benchmark yield for Eurobonds-2029 was reduced to 3.95-4 percent per annum, for Eurobonds-2035 – to 4.35-4.4 percent per annum.

“The investors’ bids for the purchase of 10-year dollar-denominated bonds exceeded the volume of placement by more than 2 times […] The demand for bonds in 2035 was 3 times higher than the placement volume. It is about $7 billion”, the ministry said.

Earlier in June, Russian First Deputy Prime Minister and Finance Minister Anton Siluanov told reporters that the ministry was considering the possibility of another placement in 2019, if conditions are favorable.

The ministry initially placed $1.5 billion worth of Eurobonds maturing in 2029 with a yield of 4.375 percent per annum in March 2018. In March of this year, it placed $3 billion worth of Eurobonds maturing in 2035 with a yield of 5.1 percent per annum. The finance ministry also conducted an additional placement of Eurobonds maturing in 2025, attracting 750 million euros at a yield of 2.375 percent per annum.

The organizers of the placement were VTB Capital and Gazprombank.

Siluanov said earlier that the sanctions did not undermine the confidence of foreign investors in Russia’s financial policies.

After the collapse of the Soviet Union, Russia assumed obligations to service the foreign debts of the Soviet government to foreign creditors but also received the right to demand repayment of debts on government-issued loans. In most cases the debt on such claims was noncollectable, according to the ministry.

Russian President Vladimir Putin noted that Moscow will do everything in its power to ensure that foreign investors feel comfortable and secure while investing in the Russian Federation.

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