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Comment by Andrey Solovyev, Global Head of DCM at VTB Capital, for Reuters

23 September 2016
Reuters
Foreigners got priority in Russian Eurobond top-up

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Russian investors were cut off and foreigners were given priority in Russia's sovereign Eurobond top-up of $1.25 billion, Andrei Solovyov, Head of debt capital markets at VTB Capital, told Reuters.

The deal was solely arranged by VTB Capital, and asset management investors bought around 51 percent of the issue, with the rest split between hedge funds, pension funds, insurance companies and others.

Asked if separate talks with Euroclear were needed for the top-up, as Euroclear had not joined the first issue of $1.75 billion in May and had started serving it only in July, Solovyov said that separate negotiations had been held and they were fewer difficulties than in the first issue.

"We are very happy that investors took independent decisions in this deal," he said when asked about possible pressure from the United States. Russia's economy is under Western economic sanctions due to Moscow's role in the Ukraine crisis.

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