July 25, 2019 / 10:03 AM / a month ago

Russia Finance Ministry to issue 212 bln roubles in OFZ bonds to move Sviaz bank to PSB

MOSCOW, July 25 (Reuters) - The head of the state debt department at the Russian Finance Ministry said on Thursday that the ministry will issue 212 billion roubles ($3.36 billion) in OFZ bonds, as part of the process of transferring Sviaz Bank to Promsvyazbank (PSB).

Russian state development bank VEB will buy the ministry’s bond issue, and will then agree its next steps with the central bank, as part of Sviaz Bank’s transfer to PSB.

Reuters reported last week that the ministry, central bank and VEB will split 212 billion rouble in debt from bank Sviaz.

There will be no losses for the budget from the Sviaz bank transfer to PSB, Konstantin Vyshkovsky said on Thursday.

Vyshkovsky also said that non-residents bought 49% of 20-year OFZ bonds placed on Wednesday.

The ministry will revise its borrowing plan for 2020 in the autumn, but plans no major changes, Vyshkovsky said.

The ministry does not plan to buy out outstanding debt instruments from market, he added. ($1 = 63.0823 roubles) (Reporting by Darya Korsunskaya Writing by Polina Ivanova Editing by Katya Golubkova)

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