OREANDA-NEWS The Ministry of Finance of the Russian Federation announced the start of the replacement of sovereign Eurobonds: holders of all outstanding securities can send offers to the Ministry for their replacement, approval of the offers is expected on December 5, the ministry said.

"The Ministry of Finance of the Russian Federation hereby informs about the possibility of holders of government securities of the Russian Federation, the nominal value of which is indicated in foreign currency (hereinafter referred to as Eurobonds of the Russian Federation), to send expressions of will (offers) to replace Eurobonds of the Russian Federation in accordance with the decree of the President of the Russian Federation," the message says.

"All outstanding issues of Eurobonds of the Russian Federation are accepted for substitution," the Ministry of Finance informs. At the same time, the amount of coupon income, the frequency of its payment, the maturity date and the nominal value of the replacement Eurobonds will correspond to similar conditions for the replaced Eurobonds.

Holders who are such at the end of the business day on September 12, 2024, can submit an offer. Holders of Eurobonds in the Russian depository must do this no later than 18.00 Moscow time on November 14 (Offer 1), and if their rights are taken into account in a foreign depository - no later than 18.00 Moscow time on October 15, 2024 (Offer 2).

"The acceptances of Offers 1 and Offers 2 are carried out by the Ministry of Finance of the Russian Federation on December 5, 2024 in accordance with Order No. 388," the message says.

To get advice, the Ministry of Finance advises contacting professional participants in the securities market, including the Ministry's information partners on the process of replacing Eurobonds: Gazprombank, VTB Capital Trading and Sberbank.