The team of lawyers of EPAM’ Minsk office took on the role of legal counsel to Citigroup Global Markets Limited and Raiffeisen Bank International AG (being the joint lead managers) on issuance and placement of sovereign Eurobonds of the Republic of Belarus totaling to US$ 600,000,000. The transaction completed on March 1, 2018.

The Republic of Belarus has completed the subsequent placement of the Eurobonds totalling US$ 600,000,000 with maturing in 2030. The issuance for 12 years at the coupon rate of 6.20% per annum was placed at 100% of par value.

In this transaction the Firm’s Minsk Office acted as the legal counsel to the joint lead managers on Belarusian laws. Thus, EPAM’ Minsk Office is the only legal counsel on Belarusian laws that has been assisting in all issuances and placements of sovereign bonds of the Republic of Belarus on external state markets starting from the first issuance in 2010.

The Ministry of Finance gives a positive estimate of the results of the placement: as confirmed by the mentioned department, the sovereign bonds of the Republic of Belarus were placed at the record low rate for the Belarusian Eurobonds - 6.20% per annum.

The Eurobonds are governed by English law, are issued under “144A / Reg S” format and are listed on the Irish Stock Exchange.

The joint lead managers of the Eurobonds issuance are Citigroup Global Markets Limited and Raiffeisen Bank International AG. The co-manager under the transaction (without an underwriting commitment) is JSC “Development Bank of the Republic of Belarus”.

White & Case LLP was the legal counsel of the Republic of Belarus as to the U.S. and English laws. Clifford Chance LLP provided legal services to the managers under U.S. and English laws.

This transaction has become the continuation of the Eurobonds issuance carried out by the Republic of Belarus in 2017, when the team of the Firm’s Minsk Office had also advised Citigroup Global Markets Limited and Raiffeisen Bank International AG (also acting as the joint lead managers) on the issuance and placement of the sovereign Eurobonds of the Republic of Belarus for the total amount of US$ 1,400,000,000, including US$ 800,000,000 maturing in 2023 and US$ 600,000,000 maturing in 2027. The peculiarity of that transaction, in which the Firm’s Minsk Office had acted as the only legal counsel on Belarusian laws, lies in the fact that it was the first issue of the Eurobonds under “144A / Reg S” format for the Republic of Belarus.