Belarus suspends ruble Eurobond placement due to market instability

Belarus has suspended the placement of its seven billion ruble Eurobond on the Russian market due to market instability, First Deputy Finance Minister Vladimir Amarin said on Friday.

"The situation on the world financial markets proved to be unstable. It affected the Russian market too," Amarin said.

On Wednesday, Belarus suspended the first Eurobond tranche placement which was originally scheduled for November 25. The bid book for the first issue worth seven billion rubles was opened on November 10.

Amarin said if the first issue was sold successfully, Minsk could issue a second tranche worth eight billion rubles before the end of 2010.

The total volume of the two-year bond is 15 billion rubles. Russia's Sberbank, Gazprombank and Alfa-Bank are the lead managers.

Amarin said Belarus has not abandoned plans of selling the bond in Russia, adding he did not rule out Belarus would start the placement before the end of 2010. "We monitor the market daily," he said.

MINSK, November 25 (RIA Novosti)


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