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Belarus´state bank plans to issue a debut bond

February 05, 2007 | Cbonds

Belarus´ largest bank state-owned Belarusbank plans to issue debut bonds worth at least 100 million US dollar (USD) this year. If the plan goes through, it will be the first international bond placement by the Belarusian institution. The bank gave no further details on the planned borrowings. So far Belarus has never placed a bond on foreign markets. Belarus is expected to get an international credit rating at the start of the second quarter of 2007.

The current account deficit of Belarus should rise to around 6.0 per cent this year. The reason for this is the doubling of the gas price. That means the country will get a problem how to finance this deficit, when it will avoid a sharp depreciation of the Belarusian rouble (BYR). The issuance of the bond could be seen as a first step to open financial markets. However, the size of the issuance is of course not enough to cover the missing amount for financing the current account deficit. Therefore, RZB's analysts still expect that the BYR will depreciate against the USD by at least three per cent.

Company: Belarusbank

Full company nameJSC Savings Bank Belarusbank
Country of riskBelarus
Country of registrationBelarus
IndustryBanks

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