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Belagroprombank ready to float eurobonds in 2011

The Belarusian bank Belagroprombank is ready to float eurobonds in 2011, Belagroprombank Deputy Chairman of the Board Sergei Chugai told BelTA.

The decision whether to float eurobonds at all and how many will depend on the macroeconomic situation in the country and the competition on the global financial market. “Just like the previous time we will be guided by effectiveness and demand for resources,” said Sergei Chugai.

He reminded that in November Belagroprombank floated $100 million in loan notes, with the maturity period of three years. The floatation was organized by the investment company Troika Dialog (Russia) and the Royal Bank of Scotland (UK). The coupon rate was set at 9.95% per annum. The structure of the deal was as close to a floatation of eurobonds as possible and provides for the availability and continuance of a secondary market.

“We have carried out a deal that we believe to be very important. A sovereign floatation took place a while before that and we had to use this quite favorable situation,” stressed the bank’s representative.

“Now the secondary market indicates that our debts are quoted quite well, there is a demand and the coupon rate is lower than ours. It means that there is an interest in such borrowings,” added Sergei Chugai.

He said that next year Belagroprombank will be guided by needs of its clients and real projects. “I think if the global situation does not get worse, we will go ahead with public deals for long maturity periods and for good amounts but only if we see those are effective and if the global macroeconomic situation is favorable,” said the banker.

Speaking about possible timeframes for the floatation of eurobonds, Sergei Chugai said that H1 2010 was very specific and therefore the sovereign deal and Belagroprombank’s deal took place in H2 2010. He explained that the first half of a year is usually more comfortable.

Sergei Chugai also added: “We have polished the mechanisms, we have experience. The deal we carried out a while ago totally copied the format of eurobonds”. Now the floatation is listed at the Frankfurt Stock Exchange, which is a secondary market, it is an absolutely public instrument. In the near future the bank will start choosing organizers for the future floatation of eurobonds.

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