Page 96 - RusRPTDec20

8.5.1​ Fixed income - bond news
Russian mobile major ​Veon​ (former VimpelCom) is preparing a new seven-year eurobond issue in US dollars​, under its $6.5bn Global MTN Programme (established in April 2020). VTB Capital (VTBC) on November 18 expects the company to devote the bulk of the raised proceeds to refinance its two eurobonds, VIP21 7.75 and VIP21 3.95, maturing in February and June 2021 respectively, which suggests the size of the new deal could be close to $0.8bn-1bn. Analysts at VTBC estimate that the fair value of the new VIP27 issue falls within the 3.2-3.4% range, while the initial deal pricing terms are indicated in the area of 3.625%.
96 ​RUSSIA Country Report​ December 2020 www.intellinews.com