Belarusbank may issue Eurobonds in Q2 2012
MINSK. March 28 (Interfax) - The largest bank in Belarus - Belarusbank may issue Eurobonds in the first half of 2012 if rates drop to an acceptable level on the market, Belarusbank CEO Sergei Pisarik told the press in Minsk Wednesday.
"Technically the bank is completely ready for a Eurobond issue, we are waiting for rates to drop. This [Eurobond placement] may happen in the first half," Pisarik said, adding "we are waiting for better market conditions."
Belarusbank is focusing on raising foreign resources, he said. "This is a strategic direction and its role will increase in line with objective requirement," Pisarik said.
"The Belarusian banking system needs additional foreign resources and Belarusbank is a key link here." The bank plans to spend foreign resources raised on projects for its clients in machine building, petrochemicals, energy, construction material production, timber and agricultural products.
In February 2011 the bank announced plans to place $500 million in debut Eurobonds in the second quarter of 2011 for a three-year term with possible extension to 5 years. The yield guidance was around 8% per annum.