The Bank of Russia has outlined the procedure for payments on the Eurobonds of JSC Development Bank of the Republic of Belarus (ISIN XS1904731129 or US25161EAA91) to Russian investors. The issuer may fulfill its obligations in Belarusian rubles or buy back the Eurobonds, with payments bypassing foreign institutions.
The National Settlement Depository will compile a list of holders of the Eurobonds and forward it to the Development Bank of the Republic of Belarus. Russian investors should send an instruction through their depositories to National Settlement Depository and apply to the issuer for payments in Belarusian rubles or buybacks of the Eurobonds. When filing such an application, investors should also waive any claims to the issuer. To receive payments on the Eurobonds in Belarusian rubles, holders must confirm their friendly status and prove they purchased the securities before 28 May 2024.
After verifying documents, the issuer will transfer funds to National Settlement Depository for subsequent payments to applicants. Investors applying for buybacks will receive payments directly from the issuer. Upon receipt of payments on the Eurobonds, securities will be withdrawn from holders’ accounts and recorded to the issuer’s account opened with National Settlement Depository.
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