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

20 September 2017
Russia Buys Back $4 Billion of Eurobonds in Swap: VTB Capital

2030 Eurobond accounted for most of the bonds tendered for buyback; total amount outstanding will drop by about one third, co-organizer VTB Capital says.
  • Russian Finance Ministry places $1.5b of 2027 bonds, $2.5b of 2047 bonds in exchange, Andrey Solovyev, global head of debt capital markets at VTB Capital, tells reporters on conference call
  • Investor demand was about $6b
  • More than 130 investors took part in placement; considerable demand for 2047 bond
  • “The Finance Ministry’s goal was to reduce the concentration of investors and it succeeded,”Solovyev says; “The goal was for the new bonds to be more liquid”
  • On the 2030 bond: “There are big payments coming over the next three years, this was another factor for why the Finance Ministry concentrated on this bond”
  • On the 2027s, 2047s: “It was a conscious split, aimed at extending and increasing the curve at the long end, while easing payments at the short end”

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