The Minsk office of Egorov Puginsky Afanasiev & Partners has advised joint lead managers Citigroup Global Markets Limited and Raiffeisen Bank International AG on the issue and placement of USD 600 million in sovereign Eurobonds by the Republic of Belarus. Clifford Chance advised the banks on English and American law, while White & Case advised Belarus.
The issue of 600 million US dollars for a period of 12 years with a coupon rate of 6.20% per annum is placed at a price of 100.0% of the face value. According to EPAM, 6.20% per annum is a record low rate in Belarus' borrowings on the Eurobond market.
The 144A/Reg Se bonds are governed by English law and listed on the Irish Stock Exchange. Reportedly, 52% of the Eurobonds were bought by investors from the USA, 30% from the UK, 17% from continental Europe, and 1% from Asia.
Citibank and Raiffeisen Bank International AG acted as the organizing banks and underwriters. The Development Bank of the Republic of Belarus (DBRB) acted as a co-organizer without underwriting commitments.
Belarus started a roadshow to sell the Eurobonds in the USA and Europe on February 15. The Eurobonds were sold in two tranches, at 7.125% and 7.625% interest rates.
The EPAM team was led by Partner Denis Turovets.
The Clifford Chance team was led by Partner David Dunnigan, supported by Partner John Connolly, Counsel Arthur Levi and Senior Associate Eric Green in London, as well as Counsel Evgeny Soloviev in Moscow.
The White & Case team included Moscow/London office Partner Darina Lozovsky, London office Counsel Doron Loewinger, and Moscow office Associate Yulia Akulinina.