Business

Belarus supermarket chain raises 70 million euros on Moscow bond market

Eurotorg, the largest food retailer in Belarus, has raised around five billion Russian rubles (70 million euros) in its debut on the Russian bond market. The supermarket chain placed five-year unsecured bonds with a coupon rate of 10.95 per cent on the Moscow Exchange. Demand was more than twice the offer size, at around 13 billion Russian rubles, with investors placing more than 500 orders.

“The successful pricing of our debut RUB-denominated bond represents another important landmark for Eurotorg,” said Andrey Zubkou, Eurotorg’s CEO. “Having achieved significant process in reducing our debt burden over the past year, we are continuing to look for ways to further optimise our overall debt profile. Adding RUB-denominated debt gives us an additional source of long-term unsecured financing. As a result of this issuance, we will have a more flexible repayment schedule and an increased average maturity of our debt portfolio.”

“We are proud to once again be showing the way for Belarus in international capital markets, this time by re-opening the attractive Russian market. We are aiming to establish a long-term presence on the Russian capital markets, and see this transaction to be just the first step. We hope that this transaction will serve as a positive example for other Belarusian borrowers coming to market in future,” added Mr Zubkou.

Follow us

Connect with us through social media.