On Sep. 9, RUS GVT issued guidance on replacement of Eurobonds.
RUS GVT discussed replacement of Eurobonds of the Russian Federation.
Follows RUS GVT Aug. 2024 issued dec on Russian eurobond obligations, #222441.
Key Points
RUS GVT stated that holders of Russian Eurobonds can submit offers to replace their bonds under the terms outlined in decree 677 and Ministry of Finance Order 388.
All outstanding Russian Eurobonds are eligible for substitution, with new bonds matching the original in coupon, payment frequency, maturity date, and nominal value.
The replacement is based on holders' submitted expressions of will, with two different methods depending on where the bonds are held (Russian or foreign depositories).
Effectiveness
Method 1 must be submitted by Nov. 14, 2024, and method 2 by Oct. 15, 2024 and acceptances will occur on Dec. 5, 2024.
