Page 110 - RusRPTNov23

percentage points) on October 5. The company has not yet made any announcements on the topic, other than a notification on Euronext about its readiness to pay holders whose rights are taken into account in the external perimeter through “D” accounts. Considering Sibur’s announced intention to make payments on securities to residents of the Russian Federation and legal entities controlled by them after confirming the “friendliness” of their acquisition, it can be assumed that the company: 1) reserved funds on bonds, which are accounted for in foreign depositories, for future transfers by direct payments through “D” accounts "; 2) may have transferred rubles for securities held at NSD (since all these securities were purchased before March 2022); 3) is waiting to receive certificates of “friendliness of acquisition” from holders of securities that are stored in the external perimeter, but are accounted for through Russian depositories. In accordance with the notice dated September 12, 2023, if the security was purchased after March 2022 from a “hostile holder,” then the company intends to make payments on it through account “C,” if not, then to a regular account. The company apparently intends to pay not through NSD, but somehow directly. In the future, there may be legal proceedings between the company and Eurobond holders on this issue.
Tinkoff registered issues of replacement bonds. On October 16, Tinkoff Bank registered two new bond issues with the Central Bank (series TCS-perp1 and TCS-perp2), both without a maturity date and with a nominal value of $1,000. Other parameters of the issues are the planned volume, coupons, options, placement terms, etc. - have not yet been revealed. It can be assumed that both issues represent replacement bonds (RB) for both issues of TCS Finance Eurobonds, the accrual of coupons for which resumed in September.
On October 5, Russian Railways began sending out notifications to holders of its Eurobonds, whose rights are taken into account in the local infrastructure, about the start of a “survey” about “preserving the existing procedure for payments on Eurobonds.” The “survey” is very similar in form and content to similar surveys conducted by Norilsk Nickel, NLMK and VEB.
The corporate action is carried out in a form that is inconvenient for holders - a short deadline is set (October 12), it is required to provide original documents (a completed “survey” form, an extract from the securities account as of October 4, copies of documents establishing identity/incorporation by October 26), in The form has no fields to fill out.
The survey form (you are required to express “disagreement with the current method of fulfilling obligations under the specified bonds”) and the stated calculation principle (those who do not send the form are considered to agree) seem incorrect. Firstly, according to Decree 430, Russian companies “with obligations in relation to Eurobonds” are required to make payments on
110 RUSSIA Country Report November 2023 www.intellinews.com