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Home News Moscow Exchange hopes for first ‘replacement bond’ issues in September

Moscow Exchange hopes for first ‘replacement bond’ issues in September

by Jessica Weisman-Pitts
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2022 08 29T125341Z 1 LYNXMPEI7S0GD RTROPTP 4 UKRAINE CRISIS RUSSIA STOCKS

By Alexander Marrow

MOSCOW (Reuters) -Moscow Exchange, Russia’s largest bourse, said the first issues of so-called “replacement bonds” that Russian companies need to replace unserviceable Eurobonds should take place next month.

“We hope that the first issues of replacement bonds will appear at the end of September, as there is not much time left before the end of the year,” said Ekaterina Nagaeva, director of the bourse’s listing department, in comments cleared for publication on Monday.

President Vladimir Putin signed a law in July that gives companies until the end of 2022 to issue bonds in a simplified procedure on the local market.

An idea proposed by the central bank, the “replacement bonds” would be a substitute for Eurobonds that Russian companies can no longer service due to sanctions connected to Moscow’s actions in Ukraine.

Nagaeva said the parameters of a replacement bond issue must be the same as those of the Eurobond they are replacing in terms of maturity, yield, coupon schedule and face value.

“Other parameters – surety, covenants, early repayment – may differ depending on the circumstances,” Nagaeva added. “Keeping them or adjusting them is left to the discretion of the issuer and investor.

“Investors should therefore pay attention to the parameters and structure of the replacement bond offered to them.”

(Reporting by Alexander Marrow, Editing by Louise Heavens)

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