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Time of RF Eurobonds placement to depend on currency volatility

March 29, 2012, 18:31 UTC+3
When Russia previously placed 30-year sovereign bonds in 2007, their yield was 7.5 percent, British commentators say
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NEW DELHI, March 29 (Itar-Tass) — The time of Russia’s Eurobonds placement in euro will depend on the volatility of currencies, RF Finance Minister Anton Siluanov told reporters in New Delhi on Thursday.

Asked when the Eurobonds in euro will be placed, he said: “We will look, proceeding from the volatility of that or other currencies. Most importantly, the greatest demand was for 30-year bonds. It is very important because other investors can also allocate funds in our long-term bonds.”

Sources in the City of London told Itar-Tass that Russia on Wednesday successfully placed sovereign Eurobonds to the tune of 7 billion US dollars.

Three issues of Eurobonds were placed simultaneously. Five-year bonds were issued to the tune of two billion dollars with a yield of 3.325 percent per annum and the coupon with 3.25 percent per annum. Ten-year bonds –worth two billion dollars with a yield of 4.591 percent per annum and coupon of 4.5 percent per annum. Thirty-year bonds – worth three billion dollars with a yield of 5.798 percent per annum and coupon yield of 5.625 percent.

When Russia previously placed 30-year sovereign bonds in 2007, their yield was 7.5 percent, British commentators say.

According to analysts, these relatively low rates of return indicate that world markets regard Russia as a reliable borrower. “The Eurobond placement can be considered truly successful. In the process of placing their profitability has declined, the demand has shifted towards the longer-term securities, which emphasises the relatively high confidence of global investors in the Russian risk level,” analyst of VTB Capital Andrei Solovyov believes.

According to analysts, the current issue of Eurobonds has allowed Russia to fulfil the annual plan of foreign borrowing, which in 2012 amounted to seven billion US dollars.

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