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Belarus Issues Long-Term Bonds at Br4.7 Trillion

January 03, 2012 | telegraf.by

The government of Belarus has decided to issue long-term government bonds. According to the decree № 1774 of the Council of Ministers, approved on December 30, 2011, the bonds will be issued within the amount of Br4.7 trillion. The government bonds are planned to circulate for a year.

As explained in the government, the proceeds from the placement of government bonds will be credited as a monetary contribution to the authorized funds of Belarusbank (Br3.9 trillion) and Belagroprombank (Br800 billion).

Another Br9 trillion will be credited as a monetary contribution to the authorized fund of Belarusbank due to the remnants of the national budget. Belagroprombank authorized fund will receive additional Br800 billion (at the expense of temporarily placed deposits of these banks as well) on the same principle.

As Telegraf previously reported, at the end of August 2011, under pressure from international human rights organizations, the British Royal Bank of Scotland ceased cooperation with the Belarusian government. In October, two more foreign banks followed the example. They are Deutsche Bank and BNP Paribas, part of a syndicate, which engaged the government of Belarus in international borrowings.

These three banks together with Sberbank of Russia organized the debut Eurobond issue, placed by Belarus in summer 2010. Then Belarus placed Eurobonds of $600 million for five years with a coupon rate of 8.75% per annum. Eurobonds are to be repaid in 2015.

The refusal of three foreign banks to cooperate with the Belarusian authorities affected the positions of Belarus’ debt securities placed on the European market, which began to plummet. It was also influenced by the situation on the fx market, increased investment risks and downgrading sovereign credit ratings.

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