Replacing Russian sovereign Eurobonds at first stage could add $4.2 bln to securities market - Central Bank analysts

MOSCOW. March 4 (Interfax) - Replacing Russian sovereign Eurobonds at the first stage could raise the market segment for replacement bonds by more than $4 billion, analysts at the Central Bank of Russia have calculated and published on Monday in the regulator's review of financial instruments, as prepared by the CBR's department for research and forecasting.

The CBR's analysts said that there are outstanding sovereign Eurobonds at an overall nominal amount of 2.9 trillion rubles, or $32.9 billion. There are four issues of Eurobonds registered in the foreign infrastructure with the XS code at the first stage, with an outstanding amount of 702.8 billion rubles, or $7.8 billion, for replacement.

"Replacement should add around 378.4 billion rubles, or $4.2 billion, to the segment of replacement securities amid an average replacement ratio at the level of corporate issues. Replacing the Russian Finance Ministry's Eurobonds should also render it possible to construct a curve for the approximate value of government borrowings in foreign currencies," the regulator's analysts said.