2 May 2019
Egorov Puginsky Afanasiev & Partners – legal counsel on issuance and placement of debut corporate Eurobonds of JSC “Development Bank of the Republic of Belarus”

A team of lawyers from the Minsk office of Egorov Puginsky Afanasiev & Partners took on the role of legal counsel at Citigroup Global Markets Limited and Raiffeisen Bank International AG (being the joint lead managers) on issuance and placement of debut corporate Eurobonds of JSC “Development Bank of the Republic of Belarus” totaling $500 million. The transaction was completed on May 2, 2019.

JSC “Development Bank of the Republic of Belarus” (Development Bank) has completed the debut Eurobonds issuance in the format “144A / Reg S” totaling $500,000,000 at a rate of 6.75% per annum with maturity in 2024 that were placed at 100% of par value.

In this transaction Egorov Puginsky Afanasiev & Partners’ Minsk office acted as the legal counsel to the joint lead managers in accordance with Belarusian laws. Thus, having participated in the debut Eurobonds issue by the Development Bank on the external financial markets, as well as in all issuances of sovereign Eurobonds of the Republic of Belarus, EPA&P has secured the status as the leader in the Belarusian legal market within the sphere of banking and finance and capital markets.

As it was mentioned by the bank, “for the Development Bank the realization of this project has become a really milestone event. When forming the Order book the largest investors’ interest to Eurobonds of the Development Bank exceeded USD 1.5 billion, which allowed the Issuer to reach the premium to the yield curve for sovereign Eurobonds of 90-100 b.p. (one of the lowest levels for CIS development banks)”. According to the Chairman of the Management Board of the Development Bank, “the combination of efforts from all parties involved in the project – banks-managers, our team, representatives of the Ministry of Finance, Ministry of Economy, National Bank, highly-qualified legal advisers – will allow the Development Bank to contribute to the country’s economy this significant amount of long-term financial resources at very beneficial terms. By implementing this project the Development Bank entered the brand new international market, opened up the new possibilities in volumes and terms of external borrowings”.

The Eurobonds, which are governed by English law, are placed in the format “144A / Reg S” and are listed on the Global Exchange Market at Irish Stock Exchange (Euronext Dublin).

The joint lead managers of the Eurobonds issuance are Citigroup Global Markets Limited and Raiffeisen Bank International AG.

White & Case LLP was the legal counsel of the Development Bank in the areas relating to U.S. and English laws, VMP Vlasova Mikhel & Partners was the legal counsel of the Development Bank concerning Belarusian laws. Clifford Chance LLP provided legal services to the managers under U.S. and English laws.

The team of Egorov Puginsky Afanasiev & Partners’ Minsk office that has been working on this project under the supervision of the Managing Partner Dennis Turovets, includes Associates Anastasia Yarokhovich and Yana Leshchenko and Senior Associate Alexander Buzo.

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