VEB Redeems Its Eurobond Series 9 Issue

State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" redeemed its Eurobonds Series 9 issue on November 21, 2018.

The Eurobonds for a nominal amount of US$ 850 mn were issued on the Irish Stock Exchange in 2013 with a five-year maturity period and an annual coupon rate of 4.224%.

The redemption of the Eurobond issue and coupon payments were executed in full and in accordance with the terms of the prospectus.

Irish Stock Exchange cancelled listing of Eurobonds Series 9 with effect from 21^st November 2018.

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KuibyshevAzot Production Site Visited by Vnesheconombank’s Development Projects Team

Vnesheconombank’s First Deputy Chairman and Member of the Board Nikolay Tsekhomskiy has met with KuibyshevAzot’s management at the production site in Tolyatti, Samara Region. KuibyshevAzot is a leader in the Russian chemical industry.

«KuibyshevAzot’s project to build and operate a production facility with an annual capacity of 140,000 tonnes of K-grade sulphuric acid and 360,000 tonnes of refined oleum can become the first project of the Project Financing Factory. Investments will total as much as 6.5 billion roubles," Nikolay Tsekhomskiy said. «The Board of Vnesheconombank has already decided to use the Factory’s mechanism for Vnesheconombank’s participation in financing the project.»

The memorandum of intent to involve the Project Financing Factory in carrying out the project was signed by KuibyshevAzot and Vnesheconombank at SPIEF 2018.

According to KuibyshevAzot CEO Alexander Gerasimenko, the sulphuric acid and refined oleum project is aimed at providing feedstock, expanding the existing manufacturing capability and maintaining competitiveness for Russia’s only import-substituting process chain, from caprolactam and polyamide to fibre and fabric, created by the company. The project uses advanced resource-saving technology that ensures a high level of industrial and environmental safety.

Nikolay Tsekhomskiy and Vnesheconombank’s Deputy Chairman Yuriy Korsun were shown the company’s production processes and products and discussed prospects for future cooperation.

KuibyshevAzot operates in two core areas: 1) caprolactam and derived products (polyamide 6, durable technical and textile fibres, cord fabrics, industrial plastics); 2) ammonia and nitrogen fertilisers. The Company also has a joint venture producing industrial gases such as nitrogen, oxygen and argon.

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