Roadshow for Russian Eurobonds will not happen before elections, timing depends on market trends - Storchak
YAROSLAVL. Feb 17 (Interfax) - A roadshow for Russian Eurobonds will not take place before the Presidential Elections on March 4, Deputy Finance Minister Sergei Storchak told journalists on Friday. He added that a decision on the roadshow's timing will be made depending on market trends.
"There will be a roadshow after the elections. We'll look at the situation (when exactly)", he said.
Storchak added that the issue's prospectus is still being developed.
Commenting on the possible size of the issue, Storchak said that, according to law, it should reach up to $7 billion. "We might limit to one operation, we might divide it in two maybe even seven because it is good to borrow at least $1 billion on the Eurobonds market," he said.
When asked about the yield at which the Russian Finance Ministry would like to borrow these funds, Storchak said: "We always add it all up, we are always eager so that each market entry isn't more expensive than the previous deal. This is the minimum rule but there's another: so that each market entry, especially when considering a new instrument and not a classic one, is for a period of three, five or seven years, so that the new instrument produces a results, which would be more to the borrower's advantage."
"It is only possible to presume that we would borrow at a higher price than before when going to market if the macroeconomic situation worsens. But, so far, there aren't any ill-thought plans for this," Storchak said.
