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29 Mar 2019

Potential demand for Belarus’ new flotation of eurobonds

Potential demand for Belarus’ new flotation of eurobonds

MINSK, 29 March (BelTA) - There is potential demand for Belarus’ new entry to the market of eurobonds, Belarus’ Finance Minister Maksim Yermolovich told the media on 29 March, BelTA has learned.

“Today there are no constraints for Belarus to enter the Eurobond market. Nevertheless, we consider this tool solely on the basis of the current cost of borrowing. Our securities are trading fairly well. There is an opportunity, potential demand for Belarus’ entry to the Eurobond market. We are constantly returning to this topic, based on the government’s refinancing strategy that we have chosen. Today, Belarus has a wide range of opportunities to attract financial resources on the international capital markets,” the minister said.

In February 2018, Belarus floated $600 million worth of eurobonds with the maturity period of 12 years with the coupon rate of 6.20% per annum. Citibank and Raiffeisen Bank International AG acted as the organizing banks and underwriters. The Development Bank of Belarus was the co-organizer.

In 2017, Belarus floated eurobonds to the tune of $1.4 billion. The eurobonds were sold in two tranches with the interest rates of 7.125% and 7.625%.

In November 2018, Maksim Yermolovich did not rule out the possibility of floating eurobonds after 2019. “We do not have plans to float eurobonds next year, but then our decisions are prompted by the market. There are plans to do that in consequent years,” said the official during the KEF 2018. Belarus intends to raise an average of $1.5 billion on foreign markets every year in the medium term. “The state of the market will determine how much money will be raised via eurobonds. It can be zero or it can be $1.5 billion. We do not limit our borrowing options. There is only one factor: the cost of borrowing,” he said.

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