Eurotorg of Belarus pushes in to Russian debt market
The Financial Times, the leading global newspaper covering financial markets, on 05 July 2019 published the article about Eurotorg's issuance of its first Russian rouble bond.
The article is quoted below:
Belarus’s largest supermarket chain, Eurotorg, has issued its first Russian rouble bond less than two years after a debut US dollar bond, as the company seeks to diversify its sources of funding.
Eurotorg became Belarus’ corporate pioneer in international markets when it placed $350m in five-year, dollar-denominated bonds in October 2017, meeting a key test of demand for debt from the former Soviet state. The company is now pushing into the Russian market with five-year bonds worth Rbs5bn, or nearly $80m, issued on Friday with a yield of just below 11 per cent.
“We consider [Friday’s] deal in the Russian market not a one-off event but a market opener,” said Andrei Matsiavin, the company’s chief strategy and investment officer. “We would like to continue building relations with investors in Russia . . . Belarus must become a systemic player not only through Eurotorg but [also] other state and corporate issuers.”
The full can be read here.