VEB not yet planning to enter foreign debt market
DAVOS. Jan 26 (Interfax) - Vnesheconombank (VEB) is not changing its borrowing plans but as of yet has no plans to enter the foreign debt market, Chairman of the Management Board of VEB Vladimir Dmitriev told journalists on the sidelines of the World Economic Forum in Davos.
"As of yet, we aren't changing our plans. We will adjust them depending on the market situation. We don't have any dire need to join the market and allocate funds at all costs," he said.
VEB is not yet planning to borrow abroad - rather, it is preparing to issue currency bonds in Russia, Dmitriev said. "We aren't looking at foreign markets right now, all the more so because we are going to place currency bonds on the Russian market. The [Federal Financial Markets Service] FFMS has registered this program, so we are quite satisfied with the situation," he said.
VEB will coordinate its plans with the Finance Ministry if it decides to join the international debt market. "I am proceeding from the assumption that borrowers with the same credit ratings should coordinate their activities so as not to interfere with each other," Dmitriev said.
At the end of last year, the Finance Ministry announced plans to place sovereign Eurobonds in foreign currency at the beginning of 2012. Citi, Deutsche Bank, BNP Paribas, VTB Capital and Sberbank of Russia were appointed the organizers of the new issue.
At the beginning of December 2011, VEB cancelled its placement of five-year Eurobonds in U.S. dollars due to poor market conditions.
Dmitriev said earlier that VEB planned to keep its borrowing program at roughly $8 billion in 2012 - the same as in 2011.