Short-Term Exchange-Traded Bonds Issued by VEB.RF

9 august 2019 года
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VEB.RF issued short-term bonds in an additional placement to companies and corporations on 7 August 2019.

The Bank raised 13.6 billion roubles from bonds with a maturity of 14 days and a coupon of 7.02% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arranger of the bond issue is Gazprombank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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VEB.RF Finances Delivery of Rail-Buses to Sakhalin

6 august 2019 года
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VEB-Leasing, a subsidiary of State Development Corporation “VEB.RF”, has won the public auction held by RZD Trading Company. The project aimed at the renewal of the Sakhalin rail road rolling stock has financial backing from the Far East Development Fund (FEDF), a member of VEB.RF Group. The total project value exceeds 778 million roubles.

Three RA-3 rail buses are leased out to Sakhalin Passenger Rail Carrier, the operator of long-distance and commuter trains in the Sakhalin Region. Intended for commuter traffic at non-electrified sections of rail roads, the new rolling stock can be operated in extreme temperature conditions, which is of crucial importance for the Russian Far East. The official dispatch of the buses to Sakhalin took place at Metrowagonmash, a member of Transmashholding Group.

“Not only does this project contribute to quality of the regional passenger traffic but it also introduces to the market a new Russian-manufactured RA-3 rail bus,” VEB.RF’s Deputy Chairman and VEB-Leasing’s CEO Artem Dovlatov said.

“Worldwide, best cutting-edge solutions make railways a fast and comfortable means of transport. This is the way we want it to be in Russia’s Far East. The project is our joint contribution to higher quality of the Sakhalin transport and logistics infrastructure,” FEDF’s CEO Aleksy Chekunkov said.

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Lenders Disburse First Tranche under Project Financing Factory Programme to Develop Udokan Copper Deposit

1 august 2019 года
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In July 2019, VEB.RF, Gazprombank and Sberbank signed a syndicated loan agreement with the Baikal Mining Company (a member of USM Group) to develop the Udokan copper deposit.

“This is the first disbursement under the syndicated loan organised under the Project Financing Factory programme. The first Tranche is not large, only 340 million roubles. Further disbursements will be made in line with the approved construction schedule. The syndicated loan will be allocated to ensure a full operation cycle, including the delivery of primary equipment for a mining and processing facility, a leaching plant, building and installation work including that related to infrastructure construction, and delivery of ancillary equipment and transport,” Member of the Management Board Nikolai Tsekhomsky said.

“The start of disbursements is a crucial stage in the implementation of an ambitious national project. The borrower and the lenders have fulfilled the terms and conditions for disbursement in the shortest term upon the execution of the loan agreement, which proves a high level of competence of the participants, and a professional approach to structuring the deal and preparing loan and security documents. I am confident that these positive factors will contribute to the project’s successful implementation,’ Vice President and Head of Gazprombank’s Project and Structured Finance Department Alexander Ushkov said.

The deal is Russia’s largest project implemented using the Project Financing Factory mechanism, with VEB.RF acting as the project operator. The total project budget approximates to 3 billion US dollars, of which 1.79 billion US dollars is to be raised as a loan from the syndicate of banks for a term of twelve years. The syndicate participants are Gazprombank, Sberbank (up to 650 million US dollars each), and VEB.RF (490 million US dollars). VEB.RF also exercises powers of the lending manager, and Gazprombank is an arranger and a pledge manager.

All rouble-denominated tranches are government subsidised for the entire length of the loan in respect of fluctuations in the key interest rate. Interest expenses in the investment phase and any expenses associated with the project cost overrun will be covered out of the Factory’s special instrument, Tranche B, to be provided by VEB.RF.

After becoming fully functional, the Udocan mining and smelting facility will create more than 2,000 new industrial jobs aside from allied sectors.

Located in Trans-Baikal Territory, Udokan is Russia’s largest undeveloped copper deposit and one of the largest in the world. Its development includes the construction of an open-cut mine and Phase 1 of a mining and smelting facility to produce cathode copper and copper concentrate with the annual production of 125,000 tonnes, and the respective infrastructure.

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Short-Term Exchange-Traded Bonds Issued by VEB.RF

26 july 2019 года
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VEB.RF issued short-term bonds in an additional placement to companies and corporations on 24 July 2019.

The Bank raised 20 billion roubles from bonds with a maturity of 14 days and a coupon of 7.20% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arranger of the bond issue is Gazprombank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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VEB.RF and Bank BelVEB to Support BELAZ Russian and Belarusian Products Export to Third Countries

17 july 2019 года
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State Development Corporation “VEB.RF”, BELAZ JSC (BELAZ HOLDING Management Company) and Bank BelVEB JSC entered into an agreement on support of joint Russian and Belarusian products export to third countries in the total amount of 50 million USD. The signature ceremony took place during the 6th Forum of Russian and Belarusian Regions.

The document was signed on behalf of VEB.RF by its Deputy Chairman Daniil Algulyan, on behalf of Bank BelVEB by its Chairman of the Management Board Vasiliy Matyushevsky and on behalf of BELAZ by its CEO Pyotr Parkhomchik.

Bank BelVEB will act as an agent to prepare jointly with BELAZ a list of export contracts to be financed as part of products’ export to third countries. The agreement involves export of BELAZ’s heavy duty vehicles (quarry dump trucks, road-building, and underground and steelworks machinery).

“This is our pilot project. Today our focus is on support of joint products export to third countries,” Daniil Algulyan said.

For several years, the parties have been financing the supply of Russian high technology products to BELAZ, raw materials for quarry machinery manufacturing, including the projects with export of products made jointly with Russian companies.

The signature of the agreement became possible after changes in the Belarusian export law: a new Belarusian President’s Decree on Certain Measures for Realization of Belarus Made Goods was adopted in 2019. The law brought more opportunities for Belarusian goods export financial support. In particular, a new mechanism was introduced to reimburse third country exports related costs to non-resident banks and leasing companies; a client's bank may now use interbank loans and export documentary letters of credit with post-financing; financing of projects involving exports to third countries in USD and euro is now available.

Belarusian companies may now participate in the Russian programme for subsidising interest rates under a loan for import of Russian-made components which will be part of the final product. Third country clients may use the Belarusian programme for subsidising the interest rate under a loan for import of goods with Russian-made components from Belarus.

“We believe that today’s agreement is important in solidifying the readiness of the parties to a new format of cooperation for support of Russian and Belarusian products export to third countries. We intend to keep our strategic focus on development of this area of business. I am convinced that our cooperation with BELAZ testifies to a high level of trust of this company in our bank and to the demand in our export support services,” Vasiliy Matyushevsky noted and called upon other Belarusian and Russian manufacturers and exporters to seize new opportunities.

 “BELAZ has been cooperating with Bank BelVEB for more than 10 years. The bank proved itself as a reliable financial partner. The signed agreement will strengthen the position of the Belarusian Autoworks on third countries’ markets and well give an impetus to our export potential,” Pyotr Parkhomchik said.

The parties are confident that the signed agreement will enhance the economic integration of Russia and Belarus, cooperation between companies, banks and export-credit agencies of both states.

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