Sovcombank redeemed dollar Eurobonds-2025 ahead of schedule in rubles

Sovcombank carried out early redemption of the issue of dollar Eurobonds-2025 in rubles.

On July 18, the bank made an early redemption of dollar Eurobonds (trading code – XS2291914971) with the payment of the coupon income accumulated by this date, a representative of the credit institution told Interfax.

Obligations to bondholders whose rights to securities are recorded in Russian depositories were fulfilled by transferring funds in Russian rubles in the amount calculated at the official exchange rate of the Bank of Russia on the date of payment to NSD for subsequent distribution in favor of Eurobond holders, he explained, noting that Sovcombank made payments in accordance with the decree of the President of the Russian Federation of March 5.

On Monday, the Moscow Exchange reported that there were no valid settlement codes for this issue of Eurobonds of Sovcombank since July 18.

Sovcombank had four Eurobond issues in circulation – subordinated Eurobonds maturing in 2030, Eurobonds maturing in 2025, and two perpetual Eurobond issues.

In April, the bank, which is under blocking sanctions and lost access to the international payment infrastructure because of this, announced that it had suspended the accrual of interest on „perpetual” Eurobonds, and plans to exchange the 2030 issue for a new issue of local subordinated bonds.

Issue-2025 was placed in January last year, its initial volume was $300 million. Eurobonds were positioned as social, they were issued under the growth of the credit portfolio of the Khalva installment card project. In December 2021, the bank reported that it bought back Eurobonds of this issue for $21.48 million.

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